Los Banos, CA (February 20, 2026) — California’s Dream For All Shared Appreciation Loan program will reopen for applications February 24 through March 16, 2026, according to the California Housing Finance Agency (CalHFA). State Sen. Anna Caballero also shared the same application window in her official district newsletter.
Dream For All is a shared appreciation loan, meaning CalHFA provides eligible buyers with upfront down payment assistance that is later repaid when the home is sold, refinanced, paid off, or transferred, along with CalHFA’s share of the home’s appreciation as described in program disclosures and the program handbook. CalHFA describes the program as offering assistance of up to 20% of the home purchase price (subject to program terms).
Eligibility is limited to applicants who meet CalHFA’s requirements, including being first-time homebuyers and meeting the program’s first-generation homebuyer criteria, along with applicable county income limits and lender/first mortgage qualification requirements. CalHFA has stated it anticipates demand will exceed available funding and plans to use a randomized selection process to select applications.
The reopening comes as home prices in Merced County remain below the statewide median but continue to pose affordability hurdles for many renters hoping to transition into ownership. According to Redfin housing market data for January 2026, the median sale price was approximately $455,000 in Los Banos, about $407,000 in Merced, and roughly $421,745 in Merced County overall. Nearby markets showed wide variation, with Redfin reporting a January 2026 median of about $460,000 in Atwater, about $435,000 in Livingston, and about $300,000 in Delhi (based on limited sales activity in some smaller markets). By comparison, Redfin reported California’s statewide median sale price at approximately $780,200 in January 2026.
Homeownership rates also differ between Los Banos and Merced, reflecting broader housing patterns in the region. U.S. Census Bureau QuickFacts estimates show an owner-occupied housing unit rate of 59.8% in Los Banos (2020–2024), compared with 45.9% in Merced. That difference means Merced has a larger share of renter households than Los Banos, even as both communities face the same core challenge identified by CalHFA and housing advocates statewide: saving enough upfront cash for a down payment while keeping pace with housing costs.
The application window closes March 16, 2026. CalHFA advises prospective applicants to work with an approved lender and review the program’s disclosures and repayment terms in advance, since funding is limited and applications will be selected through the program’s stated process after the window closes.
