CA Dream for All in 2024 - BRAND NEW GUIDELINES!

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Caton Del Rosario - Millennial Mortgage Pro

Күн бұрын

California's CalHFA Dream for All Round 2 is OFFICIALLY Coming Back in April of 2024. In this video We'll dive into the brand new guidelines, what's changed, and how you can take advantage of this huge opportunity this year.
Get Approved for CalHFA Dream for All Early!
www.catondelrosario.com/apply-now
Schedule a free one-on-one call calendly.com/catondelrosario/...
CalHFA Dream for All Income Limits: www.calhfa.ca.gov/homeownersh...
Frequently Asked Questions about CA Dream for All:
www.calhfa.ca.gov/homeownersh...
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We help HUNDREDS of Families Finance their First (or Next!) Home Every Year!
BUYING A HOME IN CA or NV?
Schedule a free one-on-one call: calendly.com/catondelrosario/...
READY TO GET APPROVED?
Apply now at: www.catondelrosario.com
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homeandmoney.com/caton/
Please Remember to LIKE & SUBSCRIBE!
SAY HI ON SOCIAL MEDIA: beacons.ai/catondelrosario
Boring legal stuff:
Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of Clear Mortgage Capital, Inc. NMLS 1935005 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.

Пікірлер: 244

@CatonDelRosario 5 ай бұрын

Ready to stop dreaming and start owning? Schedule a free, no obligation 1-on-1 call with my team to see what loans you qualify for! calendly.com/catondelrosario/dream-for-all

@wandameadows5736 4 ай бұрын

You do realize this is Tax Payers money not Governments.

@CatonDelRosario 4 ай бұрын

@@wandameadows5736 and?

@princewins88bw 3 ай бұрын

Do your team assist people in los angeles county or just San Diego area?

@CatonDelRosario 3 ай бұрын

@@princewins88bw all of california! glad to help you out.

@62messi 3 ай бұрын

My spouse wants to apply but i own a condo in only my name frm before marriage. Would that disqualify her? And the income limit is minimum or maximum?And is it combined like for each household? Thanks.

@enock5623 5 ай бұрын

Thank u so much!

@CatonDelRosario 5 ай бұрын

You bet! what questions do you have?

@soniagibson9719 3 ай бұрын

Thank you for this video. It was very detailed, clear and easy to listen to. I went ahead and subscribe!

@CatonDelRosario 3 ай бұрын

I appreciate it! Anything you’d like to learn more of?

@rigojr91 4 ай бұрын

This program is great! I think it is good for those who do not have any assets and are disadvantaged. Parents owning homes is already an advantage compared to those who do not.

@sagitarriulus9773 3 ай бұрын

But what if you don’t know how to maintain a home? How could this affect first home house buyers? Would it lead to more homes being turned over due to the access the average person now has ? There’s always a catch with ca bills. And I can see the average person getting screwed over. Also with more potential home buyers what is that going to do to the housing economy? Will prices go up? Usually with more demand means competitive pricing.

@ronmarshall6858 2 ай бұрын

Thank you, very informative video.

@monkeyloven 5 ай бұрын

Thank you for your video, very well done!!

@CatonDelRosario 5 ай бұрын

You're so welcome!

@freydough3178 3 ай бұрын

How much is the minimum have to make yearly to qualify or how much do i have to make to qualfy

@21406user 2 ай бұрын

Question. If I get a pre approval letter using my own credit only. Is it possible to add an additional borrower during the voucher application process?

@jessgonz3473 2 ай бұрын

What if we are looking into a new construction but we won’t close until November? As long as we sign and get under contract to purchase the home we’re good?

@davidc0824 2 ай бұрын

What happens when u want to refinance do to current high interest rates??

@Eastbaycaliforniarealestate 4 ай бұрын

This is a great program. Very well explained.

@CatonDelRosario 4 ай бұрын

Thank you! Hope you can grab some clients for it this round!

@ortizviri97 3 ай бұрын

Thank you for this video! Follow u, What’s the advantage of this program vs HOP or LIPA? Thank you

@CatonDelRosario 2 ай бұрын

Hi! I’m honestly not familiar with either of those so I couldn’t say

@user-yj1ez7qi4b 4 ай бұрын

Hello, following.Just got the news of what you just went over today…..you knew a month ago? So many questions ? How about Credit score limits.?Before I start dreaming😂

@faithbasedliving9391 3 ай бұрын

Thank you for such a thorough explanation 😊

@CatonDelRosario 3 ай бұрын

You’re welcome!

@bowang2643 2 ай бұрын

Is income based on last year AGI? What if saying next year is above the limit

@munting_hiraya237 2 ай бұрын

I wanna apply and try my luck in this program but i dont know where to start😅. Im a nurse and still working out for my down payment for my future house purchase.

@realisticraj 4 ай бұрын

Great presentation, Thank you! Could you please clarify why line 21 is more than double for CalFHA compared to Conventional?

@CatonDelRosario 4 ай бұрын

Thank you! Closing costs are typically much higher with down payment assistance loans since lenders have to charge their fees upfront vs being paid by the state for doing the program. You can expect 1.5% to 2% for the average lender fees for these kinds of loans

@realisticraj 4 ай бұрын

@@CatonDelRosario Glad I know this now, I am better prepared - Thank you!

@RealwithGod510 2 ай бұрын

hi! what if your parents home belongs to them or another child in the family?

@BipolarTwinsify 5 ай бұрын

Thanks Man for the info, found your videos are highly educational Quick follow up question, Since Applicants must upload the CalHFA DFA Lender Pre-Approval letter completed by a CalHFA Approved Lender into the DFA pre-registration portal. Does that mean I have to find a specific lender that does Dream for All program within the CalHFA system?

@CatonDelRosario 5 ай бұрын

The lender would have to be approved by CalHFA. Luckily you’re talking to one right now!

@jamesyang2930 Ай бұрын

How can I apply and take the education classs?

@NSM985 4 ай бұрын

The income limit list,we are living right now or where we were are going to buy? Example, we are living contra costa county and we are going to buy at different county, than which county income limit that we must match? Second refinance, does it mean we do not have to pay back on the first refinance right?

@CatonDelRosario 4 ай бұрын

It would be based off of where you are buying! You don’t have to pay it back on the first refinance but it can only be to lower your rate so you can’t take any extra cash out when you refi

@user-ou9gm5tf5l 5 ай бұрын

HI. Thank you for your video-It's highly informative. Question, my parents are paying mortgage does that mean they are homeowners even when they haven't finished paying the house? Hope my question makes sense. Thank you

@Aksuduvhjrjiwoqo 5 ай бұрын

I'm not the video creator, but if they are paying mortgage, not rent, they are considered as homeowners. Bank lend them money to buy the house.

@CatonDelRosario 5 ай бұрын

They would still be homeowners, since they are on title for the home. Totally makes sense!

@eugeneparker9333 2 ай бұрын

That clause is totally unfair and should be unacceptable!

@CatonDelRosario 2 ай бұрын

@@eugeneparker9333 ehhh it’s their money so they make the rules but I don’t quite love it either

@justinmaiden9872 4 ай бұрын

Silly question. How do I find my wife and I's combine "household income limit"? Is that on our W2's?

@CatonDelRosario 3 ай бұрын

It’s a good place to start but it would effectively be whatever your current pay is. So if you had a big raise or switched jobs year over year it could be very different than what your W2’s show

@miguelramirez233 5 ай бұрын

Where in the CalHfa website is the guidelines I don't see it no where ????

@CatonDelRosario 5 ай бұрын

www.calhfa.ca.gov/homeownership/programs/loans-cadfa.pdf

@joseygonzalez1800 5 ай бұрын

I'd like to apply but I'm to the point that I'm giving up on ever owning a home.

@mosheroams 3 ай бұрын

The first gen rule is interesting in that while I kinda understand the theory behind it, but in practice is kinda ridiculous. Cause what if you’re estranged from your parents? I’m not personally, but I know there are people out there who are who even if their parents own a home, the likelihood of them inheriting anything is really low. Yet they are still barred from this. I 100% understand the applicant needs to be a first time buyer, but I’m not sure the first gen rule is fair in many situations.

@blockbusterlatefees7713 5 ай бұрын

First! 🥇

@CatonDelRosario 5 ай бұрын

Let’s gooo early gang! 💪

@calfresh024 4 ай бұрын

How does paying back the down payment assistance loan work if you never decide to sell or refinance after paying off the mortgage after 30 years?

@LendPro 4 ай бұрын

You have to pay it back once the 1st mortgage is paid off.

@thisisgoingtopain 7 күн бұрын

Hi Sir Caton thanks for this very informative video! What if the house that I plan to purchase down payment is more than 150000$ say 900000$ house can I still use the program and just makeup the difference? Thanks!

@Yourfavoritemailman 5 ай бұрын

Great info kabayan @catondelrosario been trying to get our first house

@NeeleshVemula 2 ай бұрын

Hi Great Video. I am not clear about the refinance part. Since interest rates are high is there no ARM provided by Calhfa? Am I stuck with High interest rates for 30 years? When I refinance too can I go to some outside bank like Boa for a ARM or a lower rate?

@CatonDelRosario 2 ай бұрын

You can do a one time refinance to lower your rate without re paying the shared appreciation loan. Any time after that you’d have to pay it back. You can go to any bank to do the refinance but I am not 100% sure if CalHFA will subordinate to an ARM

@NeeleshVemula 2 ай бұрын

@@CatonDelRosario Thanks for the reply. How can I find out such details. Because refinancing to a fixed interest rate when interest rates are so high doesn't make sense

@dangerous000 5 ай бұрын

really great video and have great details. Quick Question, I usually file income taxes jointly with my spouse, do we need to file tax separately in order to meet the income limit for the person will be on the loan?

@CatonDelRosario 5 ай бұрын

If you're both W2 it doesn't matter if you file jointly, we can use only one of your incomes if thats what we need to meet those requirements

@dangerous000 4 ай бұрын

Is there any benefits (with respect to the loan covers 80% of purchase that I am getting approved for and not the silent DFA loan) to get preapproval from multiple loan officers (perhaps lower fees, interests, etc.)?

@CatonDelRosario 4 ай бұрын

Since that loan is done with CalHFA and they set the rates there’s no real benefit for shopping LO’s but it is important who you pick since experience with these programs really does matter. Fees will be pretty standard too

@anthonystearns68 3 ай бұрын

Hey! Great, helpful video. Thank you. When we spoke to a loan officer regarding this loan they stated part of it could be used to cover closing costs, but then since it would take your down payment under 20% you'd have to pay mortgage insurance. Does this sound right to you? Also, is it possible to agree to a lower interest rate or is it going to be set at that rate no matter what (regardless of the applicants credit scores, etc.)?

@CatonDelRosario 3 ай бұрын

Hey Anthony! Glad you got some value from it! That’s correct, going under 20% down would result in having to pay PMI but at like 15% down it’s likely negligible Unfortunately rates are set by CalHFA regardless of score, but if you can get a seller credit you can pair it with a temporary buydown! I have a great video that talks about how that works on my channel under 2-1 buydowns

@anthonystearns68 3 ай бұрын

@@CatonDelRosario you're awesome! Thanks for the fast reply. I'll check out that video right now!

@faithbasedliving9391 3 ай бұрын

By the way, I was just reading that only one of the buyers has to be first generation. I might be incorrect. But that would work for someone like me, who has a father who has a home, but my husband‘s parents do not own a home.

@CatonDelRosario 3 ай бұрын

This is correct! I touched on it super briefly in the video but yes only ONE buyer needs to meet the first gen requirement

@faithbasedliving9391 3 ай бұрын

@@CatonDelRosario oops must have missed that. I thought it was all the people on the loan. Thank you!

@PerfectlyPuzzled 5 ай бұрын

You stated coming out of pocket but isn’t that what the program is for, so that you don’t have to come out of pocket for the down payment and closing costs? So even if a co-signer has a VA loan they still cannot assist correct?

@CatonDelRosario 5 ай бұрын

The program can be split between your down and closing costs but most would benefit from doing a full 20% down and avoiding PMI

@user-lg2hx2ur1f 5 ай бұрын

Any idea how they'll validate your income? Will it be from your most recent tax filing?

@CatonDelRosario 5 ай бұрын

same way we typically qualify for a homebuyer, so whatever your current salary/wage is. For self employed earners this would be an average of the last two years taxes.

@BrovkoTheBulldog 3 ай бұрын

Hello! In the last video you mentioned that we'd only be able to add on 5% of a down-payment on top of the $150,000 or 20% the DFA loan puts down. Is that still true?

@CatonDelRosario 3 ай бұрын

Correct max 5% down from your own funds

@EmmaDisapproves 5 ай бұрын

Thank you so much for your video. Quick question..what if we live in it and never sell. Are they going to charge us once the loan matures?

@CatonDelRosario 4 ай бұрын

Exactly once the mortgage is paid in full the shared appreciation loan is due

@hoangnguyen-vc8ib 5 ай бұрын

If you get a voucher and have 3 Month to get house under contract. Would this work for new construction “we’re a home won’t be completed until 3-4 months. Is there a time limit before the voucher expires ?

@CatonDelRosario 5 ай бұрын

It expires after 90 days I believe and then once you’re under contract another 60 days to close so I’d say really not much past August for a closing date

@rubenegoyan7855 3 ай бұрын

What kind of properties can be purchased under this program? Is it limited to single family houses? Can condos/townhomes/ADU, and others qualify?

@CatonDelRosario 3 ай бұрын

Only single family homes or condo/townhomes

@sengvang05 4 ай бұрын

Right before the pandemic we purchased a home (under our names as a secondary home)for my parents (bc they were in the verged of being homeless). Other than that we do not own any other property. Do we disqualify?

@CatonDelRosario 4 ай бұрын

I’d have to double check but since it’s not technically your primary residence you should still qualify!

@jessgonz3473 3 ай бұрын

So if I’m currently in the works of purchasing a new build, I won’t qualify for it because I’m already going to start the process??

@CatonDelRosario 3 ай бұрын

That’s correct, you can’t flip into this if you’ve already got a contract for a home

@TheJoshheart90 2 ай бұрын

What I don’t like about it is that it does not matter if you have a 660 credit score or a 800 credit score, my interest rate will be the same. Which is 6.75%. Considering I worked so hard to get my credit score perfect. That kinda killed it for me. I almost feel that it would be better to put 5% down and get a better interest rate and keep the money that I sell my home for and not give up to 20% of the appreciation of home. Please correct me if I’m wrong. Thank you for this informative information.

@CatonDelRosario 2 ай бұрын

Funny enough the rate is about what you’d get putting your own money down with an 800 FICO so it’s more a benefit to lower ficos than punishing higher ones since that’s effectively what you’d get anyways

@danalee3977 3 ай бұрын

I'm trying to apply for the dream for all, but as you mentioned, the housing price is pretty high, especially in my area. I was just wondering if I could include some of my own money in the downpayment to be able to buy a more expensive house?

@CatonDelRosario 3 ай бұрын

Hi! You can add a max of 5% down of your own funds on top of this :)

@gabrielsanchez4207 3 ай бұрын

This is what prevents me from applying, the goal is to have a lower monthly payment and a home even in the 500k is still around 3k a month which is still pretty steep for me at least

@CatonDelRosario 3 ай бұрын

@gabrielsanchez4207 rates are definitely high right now but when they drop prices will likely go up kinda evening things out. Unfortunately if you can manage to buy it now with something like a 1-0 or 2-1 buydown it can help you get a lower rate to start and then refinance later on. But if not I totally get it too, the market is tough

@magica1352 3 ай бұрын

Thanks for the video. Is there a requirement that you have to contribute certain percentage of your own cash?

@CatonDelRosario 3 ай бұрын

Just find a way to cover your closing costs!

@marzv888 3 ай бұрын

Does the co signer and primary borrower need to meet the income limit as combined income?

@CatonDelRosario 3 ай бұрын

Correct but if one makes enough to qualify on their own under the income limit we can leave the other off

@freydough3178 3 ай бұрын

@@CatonDelRosariohow much do i have to make

@user-oo7wz5qw2r 5 ай бұрын

I am a first time homebuyer but not a first generation home buyer. My wife is a first gen home buyer but doesn't make any income after giving birth to our 2 year old. Would the two of us be able to apply and meet the first gen homebuyer requirement even if she isn't working at the moment?

@CatonDelRosario 5 ай бұрын

She can still be on the loan since she would be likely on title with you as long as she meets the other requirements so yes that would still work even if she’s not using any income to qualify :)

@user-jo7kc4qv7r 3 ай бұрын

Who qualifies?

@Skylit_editzz1 5 ай бұрын

Where can i find the Mortgage questionnaire?

@CatonDelRosario 5 ай бұрын

Here’s a link for you to start your loan questionnaire! catondelrosario.com/apply-now

@sgmaglaya 5 ай бұрын

My husband and bro in law loaned the home we live in now , if i do the loan to buy a new house this time, is it considered first time buyer? Or no since my husband already have a loan?

@SavingsMinusDebt 3 ай бұрын

Buy = cash. Mortgage = financing. Buying a house takes 1 day. Financing takes 30 years. The sale price of ANY house only applies to those buying in cash not financing. Mathematical facts = true.

@RubenVernier 3 ай бұрын

Amazing, insightful video but you said you’d go over the income and credit requirements but you missed the credit info…

@CatonDelRosario 3 ай бұрын

Apologies! Minimum credit score is 680

@RubenVernier 3 ай бұрын

@@CatonDelRosario Perfect. Thank you!

@dominuspax9579 2 ай бұрын

The only thing missing was what is the lowest income that can qualify and what about recipients of disability?

@CatonDelRosario 2 ай бұрын

There isn’t really a “lowest income” that can qualify since it depends largely on the price of the home. You’d still need to be able to afford the monthly payment for the mortgage so for example a $4000/month payment you’d need to make a minimum of $8000/month for 50% debt to income in order to qualify assuming you had zero debts

@Yoitsky0hh 2 ай бұрын

Would this happen to work along side the va loan?

@CatonDelRosario 2 ай бұрын

Only conventional loans

@1995sanchezbaybee 4 ай бұрын

I am a first time buyer and I recently made an offer on a mew construction home. Because the home wasn’t built on time, I pulled out of escrow. My question is am I still considered a first time buyer? Would I still qualify for this program?

@CatonDelRosario 4 ай бұрын

Hi! Since you didn’t actually buy the home, you are still a first time buyer :) You can schedule a time to chat on my calendar here: calendly.com/catondelrosario/dream-for-all

@chirstmasaccount3142 4 ай бұрын

What about if u already have 20% down-payment but u still need more down-payment just to be able to get ur monthly mortage where u can pay it ? Do I still qualify for more?

@CatonDelRosario 4 ай бұрын

With this program you can only add an additional 5% down of your own funds

@Viod530 3 ай бұрын

So I have a question regarding the parents part. When it says own a home does that mean they are done paying off the loan or still making payments toward the home?

@CatonDelRosario 3 ай бұрын

Ownership is defined as being on title for a home so doesn’t mean it has to be paid for outright could mean they have a mortgage on it

@hpannu 5 ай бұрын

Income limit means I need to have less salary or more than these numbers?

@CatonDelRosario 5 ай бұрын

Less than

@Riri-yc8rt 3 ай бұрын

If I don’t sell it what do I have to pay the down payment assistant loan back?

@CatonDelRosario 3 ай бұрын

You’d pay it back when you do your 2nd refi or whenever you pay off your 1st mortgage

@hayleyfrancise1798 5 ай бұрын

Great video! What would the income requirement be?

@CatonDelRosario 5 ай бұрын

Depends on the county! What county are you trying to buy in?

@hayleyfrancise1798 5 ай бұрын

Los Angeles County!@@CatonDelRosario

@CatonDelRosario 5 ай бұрын

@hayleyfrancise1798 $155k for LA County!

@hayleyfrancise1798 5 ай бұрын

@@CatonDelRosariobut is there a minimum

@CatonDelRosario 5 ай бұрын

@hayleyfrancise1798 whatever you’d need to still qualify for a mortgage.

@cholios1765 2 ай бұрын

Dose it count if my mother is still paying for her house.... she doesn't own it till it's paid off right?

@CatonDelRosario 2 ай бұрын

Unfortunately not the case. Ownership happens when they purchase the house regardless of if it’s still mortgaged

@nolisha1 4 ай бұрын

What is the credit score they want you to have?

@CatonDelRosario 3 ай бұрын

Minimum for most will be 680. 660 is allowable if you’re under. 80% area median income

@user-ez7og9qr7m 3 ай бұрын

Can you use Calhafa or other programs along with this?

@CatonDelRosario 3 ай бұрын

This is a CalHFA product but can’t stack with anything else

@marzv888 3 ай бұрын

Are you sure you can't use the CalHFA ADU grant program?@@CatonDelRosario

@saipremprem8139 5 ай бұрын

A friend of mine own an investment home but never stayed in it, will he be qualified for the program ?

@CatonDelRosario 5 ай бұрын

By CalHFA’s definition he’d be a first time buyer but NOT a first gen buyer. So their co-signer would have to meet both requirements

@prettykitty5416 4 ай бұрын

Is this better than NACA house buying program?

@CatonDelRosario 4 ай бұрын

Depends on your pov of NACA Their rates are great but it’s a nearly 3-6 long process to get a loan from them and they don’t close particularly well.

@Al-jn1pj 2 ай бұрын

Can that 150k be used for the closing cost as well?

@CatonDelRosario Ай бұрын

Yes it can!

@BaetoeBaskins 2 ай бұрын

I get keeping the examines simple, but starter homes might be a better case study. If you're buying a 750k home, you absolutely do not need help

@CatonDelRosario 2 ай бұрын

Unfortunately that’s a starter SFR in San Diego 😅

@claudiaj4518 5 ай бұрын

How do I book a 101 call with your company?

@CatonDelRosario 5 ай бұрын

You can schedule a time to chat on my calendar here: calendly.com/catondelrosario/dream-for-all

@brooksiedoodle5087 4 ай бұрын

I was counting on this program being an option in the next year or so. The new requirement to be a first generation homebuyer disqualifies me. I'm devastated 💔 Lots of us had boomer parents who took advantage of favorable conditions to get a house back in the 70s, but who were unwilling to provide the same help to their kids. This is just wrong.

@MR-G-Rod 3 ай бұрын

You were counting on this program being an option but now that you don’t qualify it’s just wrong. Do you realize how messed up that is for someone who didn’t qualify to begin with!? This communist approach is what California seems to deserve.

@CatonDelRosario 3 ай бұрын

@MR-G-Rod if you don’t qualify in general then that means you aren’t ready to buy. If you look at the terms It’s actually incredibly capitalist but sure

@MR-G-Rod 3 ай бұрын

@@CatonDelRosario It can also mean you make over $155k a year. When houses are $800k, it’s still dang hard to come up with 20% down payment ($160k). Capitalism is about having a dollar that is a system of measuring the same way a foot is a system of measurement. A foot has to be 12inches to build a house. A dollar was 26.73 grams (.90% silver, 10% copper) in 1837. There was also no income tax. Look up some Mises, Rothbard, Menger and see what I mean. Communism ends bad for everyone but it seams that’s what California deserves.

@CatonDelRosario 3 ай бұрын

Ok buddy 👍

@Scholes617 5 ай бұрын

How much of your own money can you combine with this loan?

@CatonDelRosario 5 ай бұрын

Up to an additional 5% down for a total of 25% down

@yobanigomez3652 5 ай бұрын

Are CalHFA approved lenders the only lenders permitted to help with this program?

@CatonDelRosario 5 ай бұрын

this is a question I'm getting a lot more lately. To be clear a CalHFA Approved Lender is in reference to the mortgage bank doing the loan, not necessarily the individual Loan Officer. CalHFA has a list of LO's that the LO's pay to be on, but other LO's, myself included, are not on that list but are partnered with a participating mortgage bank, in our case Sierra Pacific Mortgage :) So as long as your mortgage lender works with one of those approved mortgage banks to originate it, you are good to go!

@yobanigomez3652 5 ай бұрын

@@CatonDelRosario Thank you so much!

@sTrE3trDr 3 ай бұрын

Based on this program, how much of a house I could buy if I make $50k a year, 🙃 any hints?

@CatonDelRosario 3 ай бұрын

Assuming zero debt, at best a $300k single family home or a $230k condo.

@miguelduran2114 2 ай бұрын

So a 750k home is the absolute max that this program would allow you to put in for? What if the home is worth 1.1 million? Would the program allow you to apply for the 1.1M home?

@CatonDelRosario 2 ай бұрын

So you can use this to buy a $1M + home with the caveat that you still only get $150k You could add an additional 5% down of your own funds max so effectively still getting to 20% down (15% + 5%) on a $1M property

@miguelduran2114 2 ай бұрын

@@CatonDelRosario thank you! I appreciate the quick response 😃

@TheJoshheart90 2 ай бұрын

I get it, it’s not meant for people who don’t make a lot of money, it’s meant for people who grew up in poverty. Like I did. I don’t know who my dad is and my mom is a drug addict forget owning a home she don’t even have a place of her own. I pretty much grew up in foster care because of that. When you grow up in an environment like that, it’s a miracle that I’m even alive let alone owning a home. This would set me up for success and potentially change the trajectory of my family’s future and provide opportunities for not only my future but my kids as well.

@eugeneparker9333 2 ай бұрын

So it's OK to punishes my children and grandchildren because I struggled and sacrificed to get into a small house that I almost lost in the 2008 recession. Totally bull s_hit!

@TheJoshheart90 2 ай бұрын

@@eugeneparker9333 I’m just saying that I get it, I’m not on welfare but I get why people are on it. Just like financial aid. Your children can get that and not have pay it back and learn how to set themselves up for success.

@billma12345 5 ай бұрын

If parents own a home you’re disqualified? A little harsh it feels like. You’re not guaranteed that house later on.

@callmepriyanka 5 ай бұрын

Your parents cannot own a home, otherwise you don’t meet the requirements.

@CatonDelRosario 5 ай бұрын

Yeah I definitely get that, it’s not really a popular one forsure

@leesogood90 3 ай бұрын

Is there a way for me to buy a home up to $1M if I can put more down payment?

@CatonDelRosario 3 ай бұрын

You can do that! You can add 5% of your own funds So $150k + $50k (5%) would get you to 20% down on 1M

@juliaseo 4 ай бұрын

Is income limit based on adjusted gross income or taxable income on W-2? Thank you

@juliaseo 4 ай бұрын

Sorry, I meant on 1040 form.

@CatonDelRosario 4 ай бұрын

It’s based on whatever your current income is. So if you’re a w2 employee we’ll just use your salary

@eugeneparker9333 2 ай бұрын

It sounds very prejudiced to those individuals that were born int a working class family. While your parents may own(pay a mortgage) on a small home, you may never inherit enough to purchase a home for yourself. Likely, by the time you do you'll be at the end of your working years.

@Annjayy702 5 ай бұрын

To apply for this, what if I myself only make 26k per year excluding my partner (where not married & he’s not a citizen) would that mean I’d have to have like 700-800credit score ? 😅

@Mrjvc163 5 ай бұрын

This depends on your price point but you kind of need to be pre approved already and be able to pay for your mortgage

@CatonDelRosario 5 ай бұрын

You’d definitely still need to qualify for a mortgage so it’s less about your score but more your income in order to qualify still. Minimum score for this is 680

@prettykitty5416 4 ай бұрын

I’m in a similar situation. I have a really good score and enough for a down payment. But I’m low income. I wonder if I qualify, I have no debt.

@YourKoreanCPA 5 ай бұрын

Are you Cal-FHA approved lender?

@CatonDelRosario 5 ай бұрын

Yes! We are partnered to do these loans through Sierra Pacific Mortgage. If you’d like to get pre qualified you can schedule a time to chat on my calendar here: calendly.com/catondelrosario/dream-for-all

@YourKoreanCPA 5 ай бұрын

Yes, great. I know they are start application in April. What should be the timeline for the buyer to prepare all the documetns?@@CatonDelRosario

@CatonDelRosario 5 ай бұрын

@jooyeolhan2452 you would need to get PreApproved prior to the lottery in April to make sure you have a PreApproval letter and know what your options are. Home buyer education will be required but since the voucher is good for 90 days you’ll have time to complete it before buying since one course is about $100 to do.

@Riri-yc8rt 3 ай бұрын

Do you have to buy a house that’s 760,000 with the dream program or can it be less?

@CatonDelRosario 3 ай бұрын

It can absolutely be less! Just giving the highest example

@Riri-yc8rt 3 ай бұрын

@@CatonDelRosario so I have to pay the mortgage loan and the down payment loan back at the same time?

@CatonDelRosario 3 ай бұрын

@Riri-yc8rt that’s what happens when you sell yes

@Riri-yc8rt 3 ай бұрын

@@CatonDelRosario so when I first get the house the only thing I have to pay is the mortgage loan and not the down payment loan?

@CatonDelRosario 3 ай бұрын

@Riri-yc8rt correct, the down payment is repaid thru shared appreciation so no payments are made until that clause is activated typically by selling

@jettro8523 5 ай бұрын

first generation home buyer rule is kinda of lame. Your parents were able to buy a home when normal working people could so now you have to wait 30+ years for them to die to "potentially" inherit the a home?

@CatonDelRosario 5 ай бұрын

I’m not particularly a fan of it either. I get the “why” but in practice most of these buyers won’t get those family homes well into their 40-50’s

@MalaiSweetz 5 ай бұрын

Right! Lamest rule ever heard of smh 🤦🏻‍♀️

@u2571man101 5 ай бұрын

@@CatonDelRosario I would qualify if not for this and it really sucks because even when I inherit my parent's house I'll have to split that with my siblings. I'm sure this applies to many other people as well.

@CatonDelRosario 5 ай бұрын

@u2571man101 yeah it’s a story I’ve heard a lot in the conversations ive had lately. Or the parent owns the home but has no intention of giving them anything. Unfortunately there’s not much I can do but communicate what the rules are

@rigojr91 4 ай бұрын

I actually think it's fair. Regardless, your parents owning a home still predicts your assets and security long-term. Those who have that disadvantage will now be able to provide themselves and their kids with a home.

@tuber6382 3 ай бұрын

California just announced a $73,000,000,000 budget deficit

@CatonDelRosario 3 ай бұрын

🤷🏽‍♂️

@Royalteelive 5 ай бұрын

Hello😊 Can you qualify for 150k, if you want to purchase a new built home?

@CatonDelRosario 5 ай бұрын

It’s the lesser of $150k or 20% but it can definitely be used for a new construction thru a builder but not to purchase your own land and build.

@davidgalvan6189 3 ай бұрын

I believe I don't qualify. I make 60k in Los Angeles county😊

@monkeyloven 5 ай бұрын

Uh, the first-generation thing sucks, I'm out!

@ryanhoeven7826 2 ай бұрын

This program is essential aimed to help non americans

@tylerjohn-nicholas5202 2 ай бұрын

The 1st requirement is to be a US citizen.

@CatonDelRosario 2 ай бұрын

@tylerjohn-nicholas5202 not necessarily, green card holders and others with select permanent residency or legal status could apply as well.

@CatonDelRosario 2 ай бұрын

Might come as a shocker but a lot of Americans also don’t own homes.

@kathy9378 5 ай бұрын

I fear that I may earn less to not qualify

@CatonDelRosario 5 ай бұрын

I get it, affordability is tough at the moment. How much do you earn right now?

@sagitarriulus9773 3 ай бұрын

I can see this back firing so fast if they can’t afford a down payment then what makes you think they can then maintain that building? The state is going to make so much money via taxes off of this and no one will be helped.

@CatonDelRosario 3 ай бұрын

I can’t speak for the rest of the industry but the clients I’ve spoken to all have money but not 20%. Minimum down for a home is 3-5% so this allows them to keep more of their money in their pocket for these exact kinds of things that can happen. Not to mention giving them a lower payment letting them continue to save money.

@Davidmccombs 3 ай бұрын

It doesn’t seem worth it if you’re try to save money buying a house. Sure your monthly costs will be lower but your overall costs will be close to the same after paying back the loan plus 20% of the appreciation. Say you buy a 500k home with their 100k down payment. You sell the home in 5 years and owe 120k back after appreciation of your home value. That’s about the same you would pay after 5 years with a conventional loan plus you’re paying more in closing costs with the dream for all loan. I can only see it being worth it if your home depreciates in value but not by much. 😊

@CatonDelRosario 3 ай бұрын

I mean you really only held onto the $100k, so you’re paying back $20k after 5 years. Compare it to putting 5% down for the same home. Difference in payments is about $40k for that 5 year span. $20k to save $40k seems like a no brainer to me

@eunjiallday2947 4 ай бұрын

So both my wife and I, our parents have homes. Are we just flat out DQd from this? Kinda lame.

@CatonDelRosario 4 ай бұрын

Unfortunately, yes. There are some other great programs that still can help you with a smaller down payment though!

@eunjiallday2947 4 ай бұрын

@@CatonDelRosario thanks I appreciate that small note, will keep in mind!

@SonicX6400 3 ай бұрын

Yes this is so unfair. My dad died 30 years ago when my parents were home owners. My mom sold the home during the last housing boom and made a good profit and moved to a senior community. She lost her home when she was unable to work during a cancer diagnosis 15 years ago. She moved in with me. When she died 6 years ago she wasn't a homeowner. So....there is no family home but i still cant qualify for this program. It should be on a case by case basis.

@CatonDelRosario 3 ай бұрын

I’m really sorry to hear that and I do agree that there should be exceptions.

@YoyoNYRkr 2 ай бұрын

Well it’ll be a dream never come true lol I don’t make enough to even consider a small mobile home 😂😔

@parslayergolf8769 3 ай бұрын

Also need a 680 fico score and of course the income depending on where you’re trying to live that meets its requirements. The poll sucks too I guess. This is prob why the market hasn’t even crashed because of this program which is stupid. The market should have burned down by now

@CatonDelRosario 3 ай бұрын

This program is not what is holding up the market lol About 2600 people got into it last year and maybe another 2000 this year 257k homes sold in all of CA in 2023 so barely over 1% of sales attributed to homes bought in a 9 day stretch in April. Market is being sustained by demand for single family housing not being met for the last 10 years. Until supply magically increases by another 1M units, housing isn’t going down any time soon.

@parslayergolf8769 3 ай бұрын

@@CatonDelRosario it is definitely the reason. If it wasn’t for this dumb program it would have crashed. People bought which kept the marking going. If no one would have bought the market would have crashed. This saved the market it was a smart move to not let it crash for this reason. I guarantee you if this wasn’t out last year and this year the market would have fell apart. We’ll never know know

@CatonDelRosario 3 ай бұрын

@@parslayergolf8769 the program ended after 9 days of being available last year. No one marketed it anymore after because funds were completely unavailable and no one was even sure if it would return this year. People were buying homes before the program was released, people continued buying homes after it was released because people want to buy homes in California. It's not some conspiracy. And this is literally just a California program. You're telling me every other state was somehow impacted by this? "I guess we'll never know" aka "I just made something up because the market hurt me so I'll blame this random thing instead of actually looking at the data"

@parslayergolf8769 3 ай бұрын

@@CatonDelRosario whatever they had to offer after 9days bro kept up the market. I don’t know why you are commenting back. It’s math and common sense. The money was just enough to keep market value where it was and after the fact price margins sky rocketed. You can believe what you want bruv. But I feel it was the wrong move it helped with keeping the market from crashing

@CatonDelRosario 3 ай бұрын

@@parslayergolf8769 keep waiting for that crash buddy!

@ngce 3 ай бұрын

Makes no sense that your parents being homeowners make you ineligible.

@CatonDelRosario 3 ай бұрын

Ehhh I get the argument of generational wealth but I agree, it’s not guaranteed you’d ever see that home or proceeds from it even if they sold.

@ngce 3 ай бұрын

@@CatonDelRosario not everyone has a good relationship with their parents.

@CatonDelRosario 3 ай бұрын

@ngce yeah I get that part too, a lot of people I’ve spoken with have situations with their parents that won’t really help them get a home in the future. It’s one part I hope they take a look at changing back in future rounds.

@vitran4141 3 ай бұрын

Doesn’t have to make sense it’s their money they can make any rule they want. They ain’t trying to help everyone.