Can often make it seem out of reach. However, with the California Dream for All and AC Boost programs, first-time homebuyers have access to down payment assistance that can make their dreams a reality. In this blog post, we will explore the key features of these two programs and outline the steps you can take to secure the necessary financing to purchase your first home.
Introducing the Alameda Booster Program:
The Alameda Booster program is a down payment assistance program that can be used in conjunction with the Dream for All Shared Appreciation Loan. This program offers a shared appreciation down payment assistance loan of up to $210,000 for eligible homebuyers in Alameda County. The loan is interest-free, and no payments are due during the loan term, making your mortgage payments more affordable.
How the Shared Appreciation Loan Works:
Both California Dream For All and AC Boost operate on a shared appreciation loan model. When you eventually sell or transfer your home, you will be required to repay the original down payment loan, along with a share of the appreciation in the home’s value. This ensures that as the property’s value increases over time, you will share in that appreciation, creating a sustainable cycle of homeownership opportunities for future buyers.
California Dream For All: Opening Doors to Homeownership:
The California Dream For All program offers a loan for 20% of the home purchase price. Eligible borrowers with incomes equal to or less than 80% of the Area Median Income (AMI) can benefit from reduced program appreciation shares. This means that the homeowner would pay back the original loan amount plus either 20% or 15% of any appreciation in the home’s value, depending on the program.
AC Boost: Empowering Middle-Income Homebuyers in Alameda County:
AC Boost is a newly established Down Payment Assistance Program in Alameda County. It aims to provide financial assistance to middle-income working households who want to purchase a home in the county. With shared appreciation loans of up to $150,000, AC Boost is a valuable resource for first-time homebuyers residing, working, or displaced in Alameda County.
Next Steps on Your Homeownership Journey:
To take advantage of these down payment assistance programs, follow these steps:
- Research Approved Lenders: Contact a CalHFA Approved Lender, like La Rosa Realty Company, to explore your options for the Dream for All and AC Boost programs.
- Obtain Pre-Approval: Work with your loan officer to secure a California Dream For All (DFA) Lender Pre-Approval Letter. This letter is necessary for registering for a DFA voucher in April.
- Learn More about AC Boost: Visit the AC Boost website (https://www.acboost.org/) for detailed information on eligibility requirements, application deadlines, and more.
- Collaborate with Experts: Reach out to Yovany Acosta, a licensed real estate agent at La Rosa Realty Company, for personalized guidance and assistance on navigating these programs. Contact Yovany by email at Acosta.realtor@icloud.com or by phone at 650-619-3219.
With the California Dream for All and AC Boost programs, the path to homeownership becomes more accessible for first-time buyers. Shared appreciation loans and down payment assistance make it easier to afford that crucial first step onto the property ladder. Don’t miss out on your opportunity; take the next steps towards your dream of homeownership by exploring the resources and expertise available to you through the Dream for All and AC Boost programs.