In California, the obstacle for many people isn't the monthly payment — it's the down payment. Putting together 20% of the price of a $600,000 property means having $120,000 saved, on top of closing costs. In the episode, the show's realtors talk about a state assistance program designed for exactly that, California Dream For All, and about other programs that reduce or eliminate the down payment.

What Dream For All is

The program comes from CalHFA (California Housing Finance Agency), the state's housing finance agency, and its technical name is Shared Appreciation Loan . It works as a second loan, alongside the main mortgage:

• it covers up to 20% of the purchase price or the appraised value, whichever is lower, capped at $150,000;
• it charges no interest and has no monthly payment;
• it is paid off when the property is sold, refinanced or transferred, or when the main mortgage is paid off.

The realtors explain the logic with a simple image: the government becomes your partner. If it put in 20% of the down payment, it shares in that property's appreciation. Meanwhile, the buyer lives there, stops paying rent and builds equity.

How much you pay back — the real math

In the episode, the comparison used is illustrative: if the government put in 20%, it would take 20% of the appreciation. The current rule is a little different. At payoff, the buyer returns:

• the amount borrowed, in full; and
• a share of the appreciation of the property: 15% for families with income up to 80% of the area median income, and 20% for everyone else.

The total returned is capped at 2.5 times the amount borrowed. And, if the property loses value, you return only the principal (or less, under the program's rules).

A simplified example: a house bought for $600,000 with $120,000 from the program, sold years later for $800,000. The appreciation was $200,000. A family in the 20% bracket would return the $120,000 plus $40,000 (20% of 200,000) — $160,000 in total. The realtors point out that, with California's historical trend of appreciation, the expectation is that the sale will generate enough profit to pay the state and still have money left over.

Appreciation is not guaranteed. The example above only illustrates the formula.

Who can take part

• First-generation buyer: under the recent rules, at least one of the buyers cannot have owned a home in the United States, and neither can their parents — or they were raised in foster care (foster care).
• Income limit by county.
• Owner occupancy: the house has to be the primary residence; it doesn't work as an investment or as a rental.
• A homebuyer education course and a main loan through a CalHFA-approved lender.

The complete, current list, with income limits and eligible property types, is on the CalHFA website and changes with each round.

Why it became a lottery

In the first round, in 2023, the funds ran out in a few days. Since then, distribution is by lottery: the applicant signs up with a participating lender during a window of time, and the vouchers (vouchers) are drawn. In 2026, according to CalHFA, the application window ran from February 24 to March 16, with an expected $150 million to $200 million in funds. Those selected get conditional approval and have 90 days to find a property and get into contract.

In the episode, one of the realtors tells of a friend whose name came up — and who ended up not buying. The realtors say they don't know whether the slot passes to the next in line. That's why anyone planning to take part should prepare before the window: pre-approval, the course, documents and a sense of where and what to buy.

Zero down in specific areas

The realtors also mention another kind of help: mortgages with zero down payment and closing costs largely subsidized, for buyers willing to purchase in certain areas. The conditions described are typical of these programs:

• the property has to be in an eligible area, generally neighborhoods or census tracts the program wants to encourage;
• the buyer has to live in the property — it can't be bought to rent out;
• there is an income limit;
• it applies to any property within the area, not just to one development.

In California, that kind of offer comes from different sources: down payment assistance programs from cities and counties, and lending programs from large banks aimed at specific areas, some with a grant toward closing costs. The realtors acknowledge the area isn't always the buyer's first choice, but they point out that, for many people, it's the way into the market — nobody has to live there forever.

Before you count on a program

• Talk to a lender who works with these programs: not every bank offers Dream For All or local assistance.
• Read the payoff rules: when you pay, how much and what happens on a refinance.
• Check the income and price limits for your county.
• Get ready before the window, because the deadline after the lottery is short.
• Compare it with the alternatives, such as mortgages with 3% to 3.5% down (covered in other articles in this paper).

This text is for informational purposes and is not financial advice. Dream For All rules change with each round; confirm the current terms with CalHFA and an approved lender.

Sources and verification

• California Housing Finance Agency (CalHFA) — California Dream For All Shared Appreciation Loan: assistance of up to 20% (capped at $150,000), payoff with 15% to 20% of the appreciation and a cap of 2.5 times the amount borrowed, first-generation buyer requirement.
• CalHFA — announcement of January 16, 2026: application window from February 24 to March 16, 2026, voucher lottery and an expected $150 million to $200 million.
• Transcript and chapters of episode 10 of the Cadê Moradia podcast (April 2026), with the show's realtors.

Watch this part of the episode:

The "Dream For All" program in California — starting at 17:02 · CADÊ BRAZIL