Mortgage Knowledge

Down Payment Assistance Helps Make Homes in San Diego Affordable

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.Down payment 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  
Sales Price $491,000
Down Payment $49,100 (10%)
First Mortgage $441,900
Loan Payment- Principal and interest
Mortgage Insurance

 

With Assistance  
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

 

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