Newsletter

Jan 22

CalHFA has unveiled its initial guideline revisions for the upcoming Dream For All program scheduled for release in

April. We are organizing a thorough lunch and learn session to delve into the application process for clients eligible

to this beneficial opportunity. Here are key highlights to provide you with a preview:

1. Applicants must complete a pre-registration application to screen for eligibility through our DFA pre-registration

portal

Qualified applicants will be randomly selected to receive a voucher once the portal is closed
Applicants must upload the CalHFA DFA Lender Pre-Approval letter completed by a CalHFA Approved Lender into the
DFA pre-registration portal
A CalHFA Approved Lender must provide voucher number at time of loan reservation/lock in the CalHFA MAS System
More details about the pre-registration system will follow in early 2024.

2. At least one applicant must be a California resident

3. At least one applicant must be a First-Generation Homebuyer, defined for this program as:

A homebuyer who has not been on title, held an ownership interest or have been named on a mortgage to a home(on permanent foundation and owned land) in the United States in the last 7 years, and;
To the best of the homebuyer’s knowledge whose parents (biological or adoptive) do not have any present ownership
interest in a home in the United States or if deceased whose parents did not have any ownership interest at the time
of death in a home in the United States, or; PB.2023-03 Page 2 of 2 California Housing Finance Agency
An individual who has at any time been placed in foster care or institutional care (type of out of home residential care
for large groups of children by non-related caregivers)

4. Income must be less than or equal to the CalHFA Dream For All income limits

5. Maximum Shared Appreciation Loan amount is $150,000 or $20% of the sales price or appraised value, whichever is less

6. Minimum Combined Loan-To-Value (CLTV) is 95.00%

7. 2-1, 1-1, and 1-0 temporary buydowns are permitted

Existing Home Sales

-1.0% In December 2023, sales slipped in the Midwest and South, rose in the West and were unchanged

in the Northeast. All four regions experienced year-over-year sales decreases. The latest month's sales

look to be the bottom before inevitably turning higher in the new year, according to NAR Chief

Economist Lawrence Yun.

Univ. of Michigan Sentiment (Jan. Preliminary)

Consumer sentiment soared 13% in January to reach its highest level since July 2021, showing that the

sharp increase in December was no fluke. Consumer views were supported by confidence that inflation

has turned a corner and strengthening income expectations. Over the last two months, sentiment has

climbed a cumulative 29%, the largest two-month increase since 1991 as a recession ended.

US Existing Home Sales Fall To Lowest Level Since 1995

US existing home sales fell in the final month of 2023, ending a tough year for real estate with full-year

sales at the lowest level since 1995, according to industry data released Friday. For all of last year, sales

of existing homes, which form the vast majority of the market, came in at 4.09 million, said the National

Association of Realtors (NAR) in a statement. This was significantly below 2022's figure of 5.03 million, as

the interest-sensitive real estate sector struggled in the wake of rapid interest rate hikes by the Federal

Reserve.

How To Get Pre-Approved For A Mortgage