Down Payment Assistance for San Diego first time home buyers

First time home buyers in San Diego may now be eligible for down payment assistance through the San Diego Housing Commission.SDHC also has funds available for first time home buyers who may be in need of closing costs assistance to help them make that jump from renter to homeowner.

How do I qualify for down payment and or closing costs assistance?
1. You must a first time home buyer - defined as not having owned a home in the last 3 years
2. Your income cannot exceed the program guidelines based on family size.
3. You have to qualify based on your income and credit for the underlying first mortgage
4. You will be required to attend a certified first time home buyer education class

How much down payment assistance can I get?
You may be eligible for up to 17% of the purchase price. The maximum purchase price is $408,500

What homes are eligible for down payment assistance?
Single family, townhomes and condominiums located in all zip codes that begin with 921 may be eligible.

Do I have to repay the down payment assistance?
Yes, the money has to be repaid but there are no payments as long as you own the home as your primary residence. Interest accrues at 3%.

Am I eligible for closing cost assistance too?
Yes, first time home buyers may be eligible for closing cost assistance of 4% or %15,000, whichever is less, with or without the down payment assistance.

Will I be eligible for a first time home buyer tax credit?
The federal first time home buyer tax credit expired in 2010, but first time home buyers (and some non-first time home buyers) may qualify for MCC (mortgage credit certificate) which converts part of your interest deduction to a dollar for dollar credit against your income tax liability. Click here for more information

To contact a first time home buyer specialist - Click Here