Assistance Programs for First Time Home Buyers in San Diego County, California
If you live in California and are interested in buying a home in San Diego County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in San Diego County, CA
- San Diego County Downpayment and Closing Cost Assistance (DCCA) Program: The County of San Diego offers low-interest deferred payment loans of up to $70,000 or 33% of the purchase price, whichever is less, for low-income first-time homebuyers. The loan funds may be used to pay downpayment and closing costs on the purchase of a new or re-sale home. Properties eligible for assistance include single-family homes, condominiums, town homes and manufactured homes on a permanent foundation. For more information, Click here.
- Community Housing Works CalHOME Down Payment Assistance Program: Enable low and very-low income households to become or remain homeowners. ASSISTANCE TYPE : Grants to local public agencies and nonprofit developers to assist individual households through deferred-payment loans. Direct, forgivable loans to assist development projects involving multiple ownership units, including single-family subdivisions. To learn more, click here.
- Golden State Finance Authority – Platinum Down Payment Assistance Program – FHA/VA/USDA: The GSFA Platinum Program was created to help low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance, currently in the form of a non-repayable grant.Since it began in 2010, GSFA Platinum has helped 8,200 people purchase homes, providing more than $50 million in grants. For more information, click here.
Mortgage Programs Available in San Diego County, CA
- San Diego County – Regional Mortgage Credit Certificate (MCC) Program: The Mortgage Credit Certificate Program allows qualified first-time homebuyers to reduce their federal income tax by up to 20 percent of the annual interest paid on a mortgage loan. With less being paid in taxes, the homebuyer’s net earnings increase, enabling him/her to more easily qualify for a mortgage loan. Purchasing property in designated areas increases income eligibility and purchase price limits, and removes the first-time homebuyer requirement. An MCC may only be used to purchase single-family detached homes, condominiums, townhomes and manufactured homes on a permanent foundation. For more information, click here.
- CalHFA Mortgage Credit Certificate (MCC) Tax Credit Program: CalHFA is partnering with local counties to ensure all qualified Californians have access to a Mortgage Credit Certificate (MCC) program. The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. To learn more, click here.
- CalHFA FHA First Mortgage Loan Program: he CalPLUS FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance and/or closing costs. The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. To learn more, click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant California County Sites
- California Association of Realtors
- San Diego County Schools
- San Diego County Sheriff
- HUD Homeownership Assistance for California