Can A Family Earning the Median Income Buy a Home in San Diego?
|In a previous article my answer to that question had been NO,||But, the answer might be YES if you are a first time home buyer.|
Let’s take a look at how much lower a payment might be if you and your family qualified for the assistance.
For comparison purposes, we will assume that you will be using the down payment assistance to purchase a home within the city limits for San Diego.
|Down Payment||$49,100 (10%)|
|Loan Payment- Principal and interest|
|Down Payment||$14,730 (3%)|
|Funds from the Homeownership Grant||$9,820|
|Funds from the Deferred Payment Loan||$83,470|