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Is down payment assistance available in San Diego? Yes! Aug 2016

Use Down Payment Assistance

Is down payment assistance available in San Diego? Yes! Aug 2016

That’s right, after months of waiting, the City of San Diego and San Diego County now have funds for their down payment assistance and closing cost grants programs.

There are two down payment assistance programs available in San DiegoUse Down Payment Assistance

There is the San Diego Housing Commission program  which is available to first time homebuyers purchasing within the San Diego city limits.  That would be any property with a zip beginning with 921

The program offers a down payment assistance loan that has deferred payments.  When combined with your down payment that means that the amount of your primary mortgage will be smaller.

There is also a grant available to help you cover closing costs.

The County of San Diego Down Payment assistance programs offers just one solution, a deferred down payment assistance loan.

This program is available to all unincorporated areas of the county as well as in the following cities:  Carlsbad, Coronado, Del Mar, Encinitas, Imperial Beach, La Mesa, Lemon Grove, Poway, San Marcos, Santee, Solana Beach, and Vista.

Each of the down payment assistance programs has different requirements and guidelines for

  • Maximum household income
  • Maximum sales price
  • Amount of loan offered based on a percentage of the sales price
  • Maximum debt to income ratios

They do share similar guidelines for

  • Credit score requirements
  • Down payment required from the home buyer
  • Asset Limitations

Would you like to know more about the programs?

Text DPAINFO to 44222

OR

Determining eligibility for down payment assistance is not always as easy as it seems.  It is important that you provide your loan officer with all the information and details of your situation to ensure that your case is properly evaluated.  Missing out on the opportunity for down payment assistance would be a shame.

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