After opening to the public less than two weeks ago, CalHFA says its $300 million down payment assistance program for first-time homebuyers will be paused after all funds were fully allocated.
The California Housing Finance Agency set up a loan assistance program called "Dream for All" in which $300 million was set aside for first-time buyers to help with their down payment. The demand was so high, all the money was used up in just 11 days.Buying a home for the first time can be a challenge and for many, the hardest part is getting the down payment.
According to data from Zillow, home values across the state have quadrupled since 2000, going from about $183,000 in January 2000 to $719,000 in February 2023.
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