This first-time home-buyer program is like winning the lottery

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A shared appreciation loan program that provides down payments for first-time homebuyers in California has proved so popular that this year, applicants will be selected through a lottery.

When it launched last year, the California Housing Finance Agency’s (CalHFA) Dream For All shared appreciation loan program burned through all $300 million originally earmarked for the program in less than two weeks.

California lawmakers have allocated an additional $220 million for the program in the 2023-24 state budget, and this week CalHFA announced a new process for applying for the loans in advance.

CalHFA has created a “pre-registration portal” to give borrowers more time to apply, and ensure equitable distribution of Dream for All (DFA) loans throughout nine geographic regions.