CalHFA offers several down payment assistance programs, but the two Bakersfield first-time buyers ask about most are MyHome and Dream For All. Both let you buy with little cash out of pocket, and both are deferred, no-monthly-payment assistance loans. The similarities end there.
The right choice depends on how much of the down payment you actually need covered and how comfortable you are sharing a piece of your home's future appreciation. Dan structures both regularly for Kern County buyers and walks every client through this exact decision before they pick a program.
Here is the full comparison.
| Feature | CalHFA MyHome Assistance Program | CalHFA Dream For All |
|---|---|---|
| Assistance Amount | Up to 3.5% (FHA) or 3% (conventional) of purchase price | Up to 20% of purchase price |
| Repayment Structure | Deferred junior loan, repaid at sale/refinance/payoff | Shared appreciation loan, repay principal plus a share of home value growth |
| Monthly Payment | None | None |
| Program Availability | Consistently funded, rarely pauses | Limited funding rounds, has closed and reopened seasonally |
| Minimum Credit Score | 660 (FHA pairing) or 680 (conventional pairing) | 660, some lenders require higher |
| First Mortgage Pairing | CalHFA FHA or CalHFA Conventional | CalHFA Conventional first mortgage only |
| Cost If Home Value Rises | Fixed, only the original assistance amount is owed | Variable, you repay a percentage of any appreciation |
| Best For | Buyers who need help with the down payment but have some savings for the rest | Buyers with very limited savings who need most of the down payment covered |
| Homebuyer Education Requirement | Required | Required |
Why MyHome Is the Default Choice for Most Buyers
MyHome is CalHFA's workhorse program, and it's consistently funded, meaning you're not racing a funding window that could close before your transaction finishes. It pairs with either an FHA or a conventional first mortgage, giving you flexibility on which loan program fits your credit profile.
The repayment is straightforward. You borrow a fixed dollar amount (up to 3.5% or 3% of the purchase price), and that fixed amount, not a percentage of anything, is what you owe back when you sell, refinance, or pay off the first mortgage. If your Bakersfield home appreciates significantly, none of that upside goes to CalHFA. You keep it.
For a buyer who has some savings but is short on the full down payment, MyHome closes the gap without giving up any future equity growth.
When Dream For All Makes More Sense
Dream For All exists for buyers who need serious help, up to 20% of the purchase price, enough to potentially eliminate mortgage insurance entirely when paired with a conventional first mortgage. For a buyer with very little saved, this is often the only realistic path to ownership in the near term.
The trade-off is the shared appreciation structure. When you eventually sell or refinance, you don't just repay the assistance amount, you also repay a percentage of however much the home's value increased while you owned it. On a Bakersfield home that appreciates well over a 7-10 year hold, that can add up to a meaningful sum beyond the original assistance.
Dream For All also runs on limited funding rounds. It has paused when funds were exhausted and reopened later, which means timing matters. Dan tracks program availability so a client isn't caught planning around a program that isn't currently funded.
Dan's Verdict: Match the Program to How Much You Actually Need
If you can put together most of the down payment yourself and just need help closing a 3-4% gap, MyHome is almost always the better structure. Fixed repayment, no appreciation sharing, and it's rarely unavailable.
If you genuinely don't have meaningful savings and 20% assistance is the difference between buying now or waiting years to save up, Dream For All is worth pursuing despite the appreciation share. Owning a home and building any equity beats renting and building none, even if you eventually share some of the upside.
The mistake I see is buyers defaulting to Dream For All because 20% sounds better than 3.5%, without actually running the numbers on what they'd owe back on both structures at a realistic future sale price. Run both scenarios before you decide. It takes me a few minutes and it changes the answer more often than people expect.
MyHome is the better fit for buyers who need help with a smaller gap in their down payment and want a fixed, predictable payoff with no appreciation sharing. Dream For All is worth pursuing for buyers who need most of the down payment covered and are comfortable sharing future appreciation in exchange for getting into a home now. Check current Dream For All funding availability before planning around it.
Want Dan to compare MyHome and Dream For All for your specific savings and purchase price?
Call Dan at (661) 342-9381. He'll run the numbers for your specific scenario in minutes.
People Also Ask
Can I use both MyHome and Dream For All together?
What happens if my home doesn't appreciate under Dream For All?
Is Dream For All currently available?
Do both programs require the same first-time buyer status?
Bottom Line
MyHome and Dream For All solve the same basic problem, not enough cash for a down payment, with very different structures. MyHome is fixed-repayment and consistently available; Dream For All covers more but shares in your home's appreciation and runs on limited funding. Call Dan to see which one actually fits your savings and your goals.