California is relaunching its Dream for All down payment program for first-time homebuyers

California is relaunching its popular program to help first-time homebuyers with $250 million in down payment assistance. The program will use a lottery system to ensure equitable distribution of loans and focus on first-generation homebuyers. The state will waive up to 20% of the purchase price, or $150,000, and the loan will be repaid with a share of the home's appreciation. Between 1,700 and 2,000 lottery winners will receive coupons and have 60 days to spend them on a house.