Quick Answer
Dream For All offers up to 20% of the purchase price (up to $150,000) as a shared appreciation loan, but requires a lottery selection and first-generation homebuyer status. MyHome offers up to 3.5% of the purchase price as a deferred-payment loan and is available year-round, first-come first-served. Both are CalHFA programs requiring a 660 credit score and first-time buyer status. If you qualify for both, Dream For All provides significantly more assistance — but MyHome is the reliable fallback.
If you're buying your first home in California, you've probably come across two CalHFA programs that keep showing up: Dream For All and MyHome. Both help with your down payment. Both are run by the same agency. But they work very differently — and choosing the right one (or applying for both strategically) can mean the difference between tens of thousands of dollars in assistance.
This guide breaks down exactly how each program works, who qualifies, and which one makes sense for your situation.
Side-by-Side Comparison
|
Dream For All
Shared Appreciation Loan
|
MyHome
Deferred-Payment Loan
|
|
|---|---|---|
| Max Assistance | Up to 20% of purchase price (up to $150,000) | Up to 3.5% of purchase price (FHA) or 3% (Conventional) |
| On a $500K Home | Up to $100,000 | Up to $17,500 (FHA) |
| Availability | Lottery — Periodic funding rounds, randomized drawing | Open — Year-round, first-come first-served |
| Current Status | Closed — Application period closed March 16, 2026 | Open and accepting applications now |
| First-Time Buyer | Required (all borrowers) | Required |
| First-Generation Buyer | Required (at least one borrower) | Not required |
| CA Resident | Required (at least one borrower) | Not specified |
| Min Credit Score | 660 | 660 |
| Income Limits | 120% AMI (varies by county) | CalHFA county-specific limits |
| Loan Type | Dream For All Conventional only | FHA or Conventional |
| Interest Rate | 0% — no interest charged | Simple interest |
| Monthly Payments | None | None |
| How You Repay | Original amount + 20% of home appreciation when you sell, refinance, or transfer | Original amount + accrued interest when you sell, refinance, or pay off first mortgage |
| Reduced Repayment | 15% appreciation share if income ≤80% AMI | N/A |
| Property Types | Single-family homes, condos | Single-family homes, condos, manufactured homes |
| Homebuyer Education | 8-hour course + 1-hour DFA course (free online) | 8-hour HUD-approved course |
Dream For All: The Big Opportunity (With a Catch)
Dream For All is CalHFA's flagship program and the most generous DPA option in California. It can cover up to 20% of your purchase price — on a $600,000 home, that's up to $120,000 in assistance. No other California program comes close to that amount.
The catch: it's not always available, and when it is, selection is by lottery.
How Dream For All Works
Get pre-approved with a CalHFA-approved lender who offers the Dream For All program. You must have a DFA Lender Pre-Approval Letter before registering.
Register for the lottery during the open registration window. The most recent registration period closed March 16, 2026 at 5:00 PM PDT. Future funding rounds are expected.
Randomized drawing selects voucher recipients. This is not first-come, first-served — registering early doesn't help.
If selected, use your voucher to purchase a home with up to 20% DPA. Complete both the standard 8-hour homebuyer education course and the free 1-hour Dream For All specific course.
The Shared Appreciation Tradeoff
Dream For All isn't free money. It's a shared appreciation loan — when you sell your home, you repay the original loan amount plus 20% of your home's increase in value. If your income is at or below 80% AMI, the appreciation share drops to 15%.
Example: Dream For All on a $500,000 Home
Purchase price: $500,000
Dream For All loan: $100,000 (20%)
Home sells 7 years later for: $650,000
Appreciation: $150,000
You repay: $100,000 + $30,000 (20% of $150K) = $130,000
You keep the remaining $120,000 in appreciation, plus all your equity from mortgage payments.
Who Should Apply for Dream For All
- First-generation homebuyers — your parents don't currently own residential property
- Buyers who need a large down payment — especially in high-cost counties where 3.5% doesn't go far
- Anyone comfortable with shared appreciation — you trade future upside for significant help today
- People willing to wait for the lottery outcome — there's no guarantee of selection
MyHome: The Reliable Year-Round Option
MyHome is CalHFA's workhorse DPA program. It's less flashy than Dream For All — the assistance amount is much smaller — but it's available right now, no lottery required, and you can plan your home purchase around it with certainty.
How MyHome Works
MyHome provides a deferred-payment junior loan (second mortgage) to help with your down payment and closing costs:
MyHome + FHA Loan
Government-insured first mortgage
Up to 3.5%
of purchase price
MyHome + Conventional Loan
Standard conforming mortgage
Up to 3%
of purchase price
Example: MyHome (FHA) on a $500,000 Home
Purchase price: $500,000
MyHome loan: $17,500 (3.5%)
Monthly payments on MyHome: $0 (deferred)
Repaid when you sell, refinance, or pay off the first mortgage
Simple interest accrues, but no monthly payments while you live in the home.
Who Should Use MyHome
- Anyone who needs DPA now — no lottery, no waiting for funding rounds
- Buyers whose parents own property — not eligible for Dream For All's first-generation requirement
- People who want to keep all their appreciation — MyHome charges simple interest, not a share of your gains
- FHA buyers — Dream For All only works with conventional loans, but MyHome works with both FHA and conventional
- Buyers in lower-cost areas — where 3.5% of the purchase price is enough to cover the minimum down payment
Which Program Is Right for You?
Choose Dream For All if...
- You're a first-generation homebuyer (parents don't own property)
- You're buying in a high-cost area where 3.5% isn't enough
- You're comfortable sharing 15-20% of future appreciation
- You're okay with the uncertainty of a lottery
- You can wait for selection results before committing to a purchase
Choose MyHome if...
- Your parents currently own a home (disqualifies you from Dream For All)
- You need certainty — you're under contract or have a timeline
- You want to keep 100% of your home's appreciation
- You're using an FHA loan (Dream For All is conventional only)
- You're buying in an area where 3.5% covers your down payment
The Smart Play: Apply for Both
Register for the Dream For All lottery while getting pre-approved with MyHome as your backup. If you're selected for Dream For All, proceed with the larger assistance. If not, you haven't lost anything — MyHome is ready to go. Your lender can structure this so you're prepared either way.
Not Eligible for Either? You Still Have Options
Dream For All and MyHome are just two of the 166+ DPA programs available in California. If you don't qualify for either — or if you want to stack additional assistance on top of MyHome — there are county-specific, city-specific, and nonprofit programs that may apply to you.
Grant Programs (No Repayment)
National Homebuyers Fund, Chenoa Fund, Bank of America grants — several offer up to $25,000 with no income limits and no repayment.
Forgivable Loans
Programs like CalHFA FEBL (when funded) forgive the loan entirely after a set period — typically 5 years of living in the home.
Local Programs
Many counties and cities run their own DPA programs. Fresno, Sacramento, San Diego, and LA all have local options beyond state programs.
Use our free tool to see every program available in your county:
Frequently Asked Questions
What is the difference between Dream For All and MyHome?
Dream For All is a shared appreciation loan offering up to 20% of the purchase price (up to $150,000) but requires a lottery and first-generation homebuyer status. MyHome is a deferred-payment loan offering up to 3.5% of the purchase price and is available year-round on a first-come, first-served basis. Both are CalHFA programs for first-time buyers in California.
Can I apply for both Dream For All and MyHome at the same time?
You cannot use both on the same loan, but you can register for the Dream For All lottery while getting pre-approved with MyHome as your backup. If you don't receive a Dream For All voucher, you can proceed with MyHome without starting over.
Is Dream For All still available in 2026?
The most recent application period closed March 16, 2026 at 5:00 PM PDT. Selection is by randomized lottery drawing. The program has had multiple funding rounds and is expected to return with future allocations.
Do I have to pay back Dream For All?
Yes. You repay the original loan amount plus a share of your home's appreciation when you sell, refinance, or transfer the property. The standard share is 20%, or 15% if your income is at or below 80% AMI.
Do I have to pay back MyHome?
Yes. MyHome is a deferred-payment loan with simple interest. There are no monthly payments, but the loan is repaid when you sell, refinance, or pay off your first mortgage.
What credit score do I need?
Both programs require a minimum credit score of 660 for all borrowers on the loan.
What happens if I don't get selected in the Dream For All lottery?
You can still buy a home using MyHome, which is available year-round. MyHome offers less assistance (up to 3.5% vs up to 20%) but has no lottery and no first-generation requirement. You can also apply again in future Dream For All rounds.
What does "first-generation homebuyer" mean?
For Dream For All, this means your parents or legal guardians do not currently own residential property. This is different from "first-time homebuyer" (not owning in the past 3 years). Dream For All requires both — you must be a first-time AND first-generation homebuyer.
See All DPA Programs in Your County
Dream For All and MyHome are just 2 of 166+ programs. Enter your county, income, and home price to see every program you qualify for.
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Official Program Pages
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