BIG problems with California for Dream for all program

[Kenny Simpson]

This program is everywhere, it is the talk of the town on social media, with lenders, agents, clients, loan officers, heck everyone is talking about this program. From the surface it seems great but now that the program has officially rolled out and everyone is trying to get a piece of the $300MM, it is like black Friday at Best buy.

As of March 30th, 2023 I am hearing crazy stories; you cannot get your one on one counseling session until April 15th and that will only get pushed out more and more. There are only 5 total counselors that do the 1 on 1 (1 hour sessions). So, if they must get through 2000 people, that will take probably 2 months. Even if people are locked in with the money and rate, how can they find a home when there is NO inventory. There are lots of people that don’t even need this program applying, they have the down payment and can just go buy a home. CalHFA rate locks are 30 days, they have extensions but those cost more money. The list keeps going on and on.

There is so much hype, so many people are going to be left disappointed, frustrated, and ultimately feel they got screwed in my opinion. If you noticed I am not even talking about the program, I am just talking about the process to get approved.

What are all the thousands of people that did what they were supposed to do when they realized they were a day late and the program ran out of money? Maybe they will put more money into the program? Maybe they will figure out a better system? Maybe they are just screwed and realized they wasted their time.

I would love to hear some feedback and thoughts on the process of this program and what you are hearing?