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Homeownership Assistance Programs
As a home buyer whether it is your first home or not, there are multiple options you can exercise depending on where you want to live, your income level, size of household and your desired down payment. You most likely will be eligible for one or more of the following federal programs such as grant money, 1% down payment, down payment assistance money, closing cost money, rehab money and low interest rate silent second loans of which some are forgiven after fifteen years!
In San Diego there are multiple organizations that facilitate the federal funds in the different areas throughout the county. We will navigate and take the work out of it for you to get you the proper funding according to your qualifications and your specific neighborhood. Keep in mind not all programs are available all the time, therefore you must act now to take advantage of what is available.
Fill out the free information guide below and lets us show you what you qualify for.
Below are definitions of some of the many programs offered;
Down Payment and Closing Cost Program
The County of San Diego offers low-interest deferred payment loans of up to $70,000 or 33% of the purchases price whichever is less for low-income first-time homebuyers. The loan funds may be used to pay down payment and closing costs on the purchase of a new or re-sale home. Properties eligible for assistance include single-family homes, condominiums, townhomes and manufactured homes on a permanent foundation. The appraised value of the property may not exceed $451,250. Participants must contribute a minimum of one percent of the purchase price from their personal funds. For additional information, please fill out the free information request below.
The Neighborhood Stabilization Program (NSP) Homeownership Assistance Program creates homebuyer opportunities for income eligible households to purchase foreclosed and abandoned homes that could otherwise be sources of blight within the community. The program offers 15 year silent loans at 3% simple interest up to a maximum of $50,000 for income eligible homebuyers. The loans are forgivable after 15 years. The property must be located in a targeted census tract and the purchase price for the property may not exceed $451,250. The sales price must be a minimum of 1% under current appraised value. For additional information, please fill out the free information request below.
First Time HomeBuyer (FTHB) Loans
These loans are added on to your first (primary) mortgage that you receive through the bank to help increase the purchase price you can afford and/or pay for the down payment and closing costs associated with the home buying process.
Cost Assistance Support for Homebuyers (CASH)
This is a down payment and/or closing cost assistance loan with a 3% interest rate. Your first payment will not be due until five years after you receive the loan.
Home Ownership Opportunity Program (HOOP)
This loan can be added to your first (primary) mortgage to help you buy a house with a higher price than the amount for which your bank approves you. This second mortgage can be up to 20% of the price of the home you are purchasing.
Home in the Heights
This loan helps you purchase a home in the City Heights area. To be eligible you must either be currently renting in City Heights or be a teacher, city, police, fire or nonprofit employee working in City Heights. If you are eligible, you could receive a loan of up to $30,000 that you will never have to pay back. You must be at or below 100% AMI to be eligible for this loan.
This loan is offered through a partnership with the City Heights Redevelopment Agency and the City Heights Project Area Committee (PAC)
CalHome
This State-funded program allows you to receive a loan at a low, 3% interest rate. Your first payment will not be due until thirty years after you receive the loan.
Mortgage Credit Certificate (MCC)
Upon qualifying for MCC, you will become entitled to take a federal income tax credit each year equal to either 15% or 20% of the mortgage interest you paid. By arranging for your employer to withhold less tax from your pay, you will then realize an increase in your take-home pay, which will help you make your mortgage payment. The MCC is a direct tax credit which you will take in addition to the mortgage interest deduction available to all home owners who make mortgage payments. You will only use the MCC with your federal taxes; state taxes are not affected by it.
Eligibility
The property to be purchased must be located within an unincorporated area of San Diego County, or in the cities of Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Poway, San Marcos, Santee, or Vista. The cities of San Diego and Oceanside operate their own individual MCC programs
As a home buyer whether it is your first home or not, there are multiple options you can exercise depending on where you want to live, your income level, size of household and your desired down payment. You most likely will be eligible for one or more of the following federal programs such as grant money, 1% down payment, down payment assistance money, closing cost money, rehab money and low interest rate silent second loans of which some are forgiven after fifteen years!
In San Diego there are multiple organizations that facilitate the federal funds in the different areas throughout the county. We will navigate and take the work out of it for you to get you the proper funding according to your qualifications and your specific neighborhood. Keep in mind not all programs are available all the time, therefore you must act now to take advantage of what is available.
Fill out the free information guide below and lets us show you what you qualify for.
Below are definitions of some of the many programs offered;
Down Payment and Closing Cost Program
The County of San Diego offers low-interest deferred payment loans of up to $70,000 or 33% of the purchases price whichever is less for low-income first-time homebuyers. The loan funds may be used to pay down payment and closing costs on the purchase of a new or re-sale home. Properties eligible for assistance include single-family homes, condominiums, townhomes and manufactured homes on a permanent foundation. The appraised value of the property may not exceed $451,250. Participants must contribute a minimum of one percent of the purchase price from their personal funds. For additional information, please fill out the free information request below.
The Neighborhood Stabilization Program (NSP) Homeownership Assistance Program creates homebuyer opportunities for income eligible households to purchase foreclosed and abandoned homes that could otherwise be sources of blight within the community. The program offers 15 year silent loans at 3% simple interest up to a maximum of $50,000 for income eligible homebuyers. The loans are forgivable after 15 years. The property must be located in a targeted census tract and the purchase price for the property may not exceed $451,250. The sales price must be a minimum of 1% under current appraised value. For additional information, please fill out the free information request below.
First Time HomeBuyer (FTHB) Loans
These loans are added on to your first (primary) mortgage that you receive through the bank to help increase the purchase price you can afford and/or pay for the down payment and closing costs associated with the home buying process.
Cost Assistance Support for Homebuyers (CASH)
This is a down payment and/or closing cost assistance loan with a 3% interest rate. Your first payment will not be due until five years after you receive the loan.
Home Ownership Opportunity Program (HOOP)
This loan can be added to your first (primary) mortgage to help you buy a house with a higher price than the amount for which your bank approves you. This second mortgage can be up to 20% of the price of the home you are purchasing.
Home in the Heights
This loan helps you purchase a home in the City Heights area. To be eligible you must either be currently renting in City Heights or be a teacher, city, police, fire or nonprofit employee working in City Heights. If you are eligible, you could receive a loan of up to $30,000 that you will never have to pay back. You must be at or below 100% AMI to be eligible for this loan.
This loan is offered through a partnership with the City Heights Redevelopment Agency and the City Heights Project Area Committee (PAC)
CalHome
This State-funded program allows you to receive a loan at a low, 3% interest rate. Your first payment will not be due until thirty years after you receive the loan.
Mortgage Credit Certificate (MCC)
Upon qualifying for MCC, you will become entitled to take a federal income tax credit each year equal to either 15% or 20% of the mortgage interest you paid. By arranging for your employer to withhold less tax from your pay, you will then realize an increase in your take-home pay, which will help you make your mortgage payment. The MCC is a direct tax credit which you will take in addition to the mortgage interest deduction available to all home owners who make mortgage payments. You will only use the MCC with your federal taxes; state taxes are not affected by it.
Eligibility
The property to be purchased must be located within an unincorporated area of San Diego County, or in the cities of Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Poway, San Marcos, Santee, or Vista. The cities of San Diego and Oceanside operate their own individual MCC programs
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