First Time Home Buyer Programs

If you are a First Time Home Buyer looking to purchase a home within the city of San Diego limits, Down Payment and Closing Cost Grants could be available to you. Properties with a Zip code beginning with 921** are eligible for the program. The Down Payment assistance program offers a Shared Equity loan of up to 17% of the sales price.  This loan has ZERO interest and no payments for the life of the loan.  The balance is payable upon sale or at the end of 30 years. The Closing Cost Grant offers up to $15,000 in assistance based on your income bracket. In order to qualify for the program:

  • All persons occupying the property must be First Time Home Buyers (defined as someone who has not owned a primary residence in the past 3 years)
  • Must meet the maximum income based on your family size  of 80% or 100% depending on the program you are applying for (click here to see current limits)
  • Must meet maximum asset limit of $10,000 + $500 for each additional family member (assets AFTER down payment and closing costs are paid)
  • Must meet qualifying guidelines for debt to income ratio and minimum credit history requirements.
  • Must contribute at least 3% down payment to the transaction which can be from your own saved funds, a gift or a combination of both (applies to Shared Equity loan only)

These First Time Home Buyer programs can be an excellent way to be able to afford your first home and make the transition from renter to homeowner.

 Payment breakdown First Time Home Buyer

 This is a difference of over $300!!!!  And this does not even take into account the tax savings you will enjoy by being a homeowner.


Contact me for a FREE consultation and for additional details on these program along with other available from the county and state.

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