Breaking News: Down Payment Assistance programs take a hit in San Diego!
On Tuesday evening , The San Diego Housing Commission (SDHC) notified all participating lender of a big change to the Down Payment Assistance programs guidelines. Both the City of San Diego and San Diego County programs are affected by the changes.
The SDHC announced that the maximum sales price of properties eligible for down payment assistance n San Diego County would be $418,000. Attached and detached properties will be subject to the new limit and it will become effective March 1, 2017.
The new sales price figure is a a lot less for detached homes and slightly higher for attached properties.
The previous sales price limits for eligible properties were:
DOWN PAYMENT ASSISTANCE PROGRAM SALES PRICE LIMIT UNTIL FEB 28, 2017
City of San Diego First Time Homebuyer Programs:
Attached properties: $355,300
detached properties: $512,030
County of San Diego First Time Home Buyer Programs:
Attached properties: $363,850
detached properties: $506,350
You need to take action now if you are interested in a home priced over the new sale price limit of $418,000! Your contract and application for the Down payment Assistance must be dated prior to March 1, 2017 to take advantage of the current limits.
You don’t have a property already in mind? Don’t worry, there are homes available for sale in San Diego priced at or below $418,000.
You can check out a list of homes available HERE.
Want to know more about how down payment assistance programs work and how they might be able to help you?
Contact me today!