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. |
How? By using the San Diego First Time Homebuyer Down Payment Assistance Programs
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.
Without Assistance | |
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Sales Price | $491,000 |
Down Payment | $49,100 (10%) |
First Mortgage | $441,900 |
Loan Payment- Principal and interest | |
Mortgage Insurance |
With Assistance | |
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Sales Price | $491,000 |
Down Payment | $14,730 (3%) |
Funds from the Homeownership Grant | $9,820 |
Funds from the Deferred Payment Loan | $83,470 |
First Mortgage | $382,980 |