Despite growing concerns about soaring housing costs, there is a glimmer of hope for those aspiring to buy their first home, especially in California's traditionally underserved minority and immigrant communities. The California Housing Finance Agency (CalHFA) has launched the California Dream For All Equity Participation Loan Program to help eligible Californians cover down payments and closing costs on mortgages. Applications for the program will be open from February 24 to March 16, 2026, and it aims to benefit between 1,500 and 2,000 people. During the videoconference “Making Dreams Come True: The CalHFA Program Targets First-Generation Homebuyers,” organized by American Community Media, details were revealed about how this assistance works, who qualifies, how to apply, and why this is the ideal time to take the step and become a homeowner. Eric Johnson, spokesperson for the California Housing Finance Agency, said that the program has been in place since approximately 2021, the first year the legislature allocated funds, and has helped about 4,000 people find their first home. “With this latest financing, we hope to help between 1,000 and 1,500 first-generation homebuyers.” I have clarified that a first-generation homebuyer is someone who has not owned a home in the past seven years and whose parents do not currently own one. “We also define a first-generation homebuyer as someone who has been in the foster care system, who may never have known their parents or had no opportunity to benefit from a family inheritance.” He said there is an application form that must be completed and pre-qualified for the loan to ensure the applicant has the financial capacity to repay it. “What we've discovered in California is that there are thousands upon thousands of people who have good credit scores, stable jobs, and steady incomes, but haven't been able to save enough money for a down payment.” I have pointed out that with current housing prices, a down payment can be a significant obstacle. "What Dream for All does is lend people up to 20% of the home's value for a down payment. For example, if they want to buy a house for $500,000, Dream for All can lend them up to $100,000. This means their monthly payments will be based on a $400,000 loan instead of $500,000."I have argued that this could save the average homebuyer around $1,000 per month on their mortgage payment, which is a considerable amount of money.

“This is a capital gains loan, which means that when you sell the home, you will not only have to repay the $100,000 loan, but also 20% of the property's profit.”

She said good examples can be found on the website: calhfa.ca.gov

“We highly recommend at least calling a loan counselor to see if you qualify. Don't assume you can't get one. we can afford a mortgage. So the question is: why don't we own our own homes?

She mentioned that if someone says that dream isn't possible, it's not true; they're simply not talking to the right people.

“That's why I encourage everyone, regardless of their nationality, not to be afraid to buy a home; and if someone tells you no, I suggest you find someone else, and then someone else, because you'll find a positive answer and figure out how to make it happen.”

The biggest challenge

Imelda Manzo, a real estate agent and owner of Premier One Realtors, whose largest clientele is Latino,She said the biggest challenge in the Latino market is the down payment, because many of them are already ready to get a mortgage. "That's why programs like those offered by CalHFA are key for them to access homeownership. But you need a real estate agent who collaborates with the right lenders and knows about these programs to show them that there is hope and we can help them become homeowners." She said she is fortunate to have used this program several times, and she is excited to know that they are going to reopen the platform so people can apply again. "Latinos are the largest demographic group and with an average age of 31, which makes us eight years younger than the general population. So Latinos are here to stay."

In her opinion, there is less affordable housing in Los Angeles County, and that is why many are moving to Riverside County.

“One of the things we observe in the Latino community is that those who cannot or do not want to move to more distant areas due to the distance to work, have to live in multigenerational homes. That is a trend we continue to see.”

An Act of Faith

Tiffany Duvernay Smith, a beneficiary of the Dream for All program, said that buying a home was an act of faith for her.

“The way I connected with the program was when a homeless advocate forwarded an email to a group I was in, asking if any of us believed we could own a home.”

After researching it, she submitted her application by the deadline and said, “I'm going to try it.”

She commented that everything worked out well.

“What I want people to understand is that, initially, the answer is no. But as soon as you apply, there's a 50% chance the answer will be yes. The answer will never be yes if you don't apply. I was approved for $380,000; and my credit score was in the 600s.”

She eventually added her husband, and together they qualified for $575,000; The process gave her time to improve her credit score.

She ended up buying a house in South Los Angeles, a place that someone had loved and cared for a lot.

“Honestly, I would say the buying process is like courtship, and closing is like marrying the house. While I was in the courtship stage, you should know I was still looking, because I had doubts: Can I afford it? Do I want it? Do I want to live in this area? It was the seller who offered me a 20% discount on closing costs. This is a seller who took care of everything I asked for.”