CA Dream For All Program!

CA Dream For All Program! | Pros and Cons

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@Cin2023 9 ай бұрын

Is it true that if I have family members that own a home, do I qualify for this program? I've never bought a house before.

@MattTheMortgageGuy 9 ай бұрын

Atleast 1 of the buyers must be “1st generation buyer” meaning parents didn’t own

@TheH8trs 10 ай бұрын

It’s 20% of your equity not 10

@MattTheMortgageGuy 10 ай бұрын

Depends on how much you receive in funds. Some people took less (I.e. 10% , in exchange for 10% of equity) - either way I’m not a big fan of sharing your equity upside with the state of CA)

@chow515 Жыл бұрын

Hey Matt. Thanks for the info. How can I secure a spot in this program and can I put 40% downpayment of my own on top of the 20% down from the Cal Dream for all program.

@MattTheMortgageGuy Жыл бұрын

Apply with our team here: Https://mtmg.my1003app.com/1088993/register

@chow515 Жыл бұрын

@@MattTheMortgageGuy Do you do cal hfa loans? How much downpayment of my own can I put in for the CA drema for all?

@j.mancilla8339 Жыл бұрын

Let me get this straight. So, the state of California wants to " lend" borrowers 20% down payment assistance. On top of that, they want 20% of any appreciation in equity for an unspecified period of time or home is sold/transferred. Then, the state ALSO gets to collect state income tax and state property taxes. Why would anyone sign up for this??? Every other state offers down payment assistance, which typically phases out to owing zero over a period of 10 plus years. This is taking advantage of first time home buyer's and people should be appalled.

@chrismedina9571 Жыл бұрын

I’m not a home owner so my knowledge is limited but wouldn’t you have to pay state and income taxes regardless?

@hangguy209 Жыл бұрын

You pay taxes regardless. You're not exempt from it. It's a fair program. No interest. They give you 20% that you never had to begin with. They take it back when you have it built up and some more. That's completely fine with me. I got into this program and am grateful for it. The house i bought is a long term house that i plan to live in for the next 15-30 years. If it wasn't for this program, I'd still be trying to save for 5% down WHICH would cost me more monthly and out of pocket.

@steve31785 Жыл бұрын

Does this work if you live in the property and also rent a room?

@hockeydork1414 Жыл бұрын

Matt, how is someone's annual income calculated to see if they're under the limit? Is it what they made last month times 12, what they made the last 12 months total, what they filed in their last tax return, something else?

@steve31785 Жыл бұрын

What about for people with lower scores than 660?

@MattTheMortgageGuy Жыл бұрын

Standard FHA (3.5% down) goes to 580 score

@marlanave8470 Жыл бұрын

Is the first come first serve based on when you get an offer accepted, even if you apply now?

@jayinla228 Жыл бұрын

Thanks for this vid, regarding shopping around for lenders - Would I need to apply for Calhfa with EACH lender or do I apply once with one lender and once approved for this program I can choose a different lender?

@MattTheMortgageGuy Жыл бұрын

You can choose whatever lender you like, they all submit to same place and required to use CalHFA 1st mortgage

@tonyluo9713 Жыл бұрын

Would this program make sense for someone who already has a 20% down payment ?

@kevinh468 Жыл бұрын

Why would anyone be buying right now, wait 12 months, you'll be happy you waited!!!

@hangguy209 Жыл бұрын

@@kevinh468 7 months in, and you're not happy either

@Frescobar170 Жыл бұрын

At 26:26 .. I appreciate you Matt.. All the way from NY.. I understand the times and Sellers and their Agents stance on these times. But if they listed their homes a bit less on the asking it’d free up this games of Seller/Buyer chicken we’ve all been playing. Just my thoughts 💭

@MattTheMortgageGuy Жыл бұрын

Thanks Frescobar!