Homeownership Grant funds for closing cost assistance will be forgiven at escrow closing. Applicants also must attend a homebuyer education class.īuyers earning no more than 80 percent of San Diego’s AMI are eligible for closing cost assistance of up to 4 percent of the purchase price, not to exceed $10,000. To qualify, the buyer must obtain a fixed-rate first trust deed loan have adequate income, a good credit rating and provide a minimum down payment of 3 percent. No payments are required for 30 years, unless the owner sells or no longer occupies the home as a primary residence, at which time the principal balance, including accrued interest, must be repaid. Work with a real estate agent to find a property.ģ% Interest, Deferred-Payment Loan ProgramĮligible buyers earning no more than 80 percent of San Diego’s AMI may qualify for a deferred-payment, second trust deed loan of up to 22 percent of the purchase price (based on the buyer’s need), with the interest rate set at 3 percent.Attend a Homebuyer Education Course with an SDHC approved provider.The loan officer collects all required documentation and submits the application on the borrower’s behalf to SDHC. The loan officer will be the primary point of contact from pre-approval to loan closing. Contact a loan officer from our Participating Lender list.Review the program descriptions and guidelines.This includes the income of all adult household members. Review San Diego’s Area Median Income (AMI) limits to confirm your household annual gross income (before taxes) does not exceed the limit for your family size.The City of San Diego and County of San Diego first-time homebuyer programs have different eligibility requirements and features.Ĭity of San Diego Down Payment & Closing Cost AssistanceĬity of San Diego Closing Cost Forgivable LoanĬounty Of San Diego Down Payment & Closing Cost AssistanceĪpply for the SDHC (City) or County of San Diego First-Time Homebuyer Programs This County Department of Housing and Community Development Program serves the unincorporated areas of the county as well as the cities of: In addition, SDHC administers the County of San Diego’s First-Time Homebuyer Down Payment and Closing Cost Assistance Program. * SDHC First-Time Homebuyer Program loans and grants cannot be used in conjunction with the Affordable For-Sale Housing Program. Since 1988, SDHC has helped more than 5,800 families and individuals buy their first homes. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program grants to the City of San Diego that are administered by SDHC.Īdditional funding sources include federal Community Development Block Grant funds, State CalHome Program funds, and City of San Diego Affordable Housing Funds. This program is funded primarily through federal U.S. The SDHC First-Time Homebuyer Program* can assist with the purchase of a single-family home, townhome or condominium in the City of San Diego. The San Diego Housing Commission (SDHC) offers deferred loans and homeownership grants to help low- and moderate-income families buy their first homes.
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