Helping Families Realize The Dream Of Homeownership Since 1990
Information presented by:
Program Overview -This is NOT a complete list of eligibility and qualification requirements. Contact me or San Diego Housing Commission additional for details
This is NOT free money.
The City of San Diego deferred payment loan is NOT a grant, it is a LOAN.
Who
is this program for?
How
does the program work?
What
properties are eligible?
How
much down payment do I need?
What
else do I need to know?
Where
do I apply??
Who
is this program for?
This program is for First Time Homebuyers with a household income that does not exceed a set percentage of the area median income.
Household income includes the income of ALL persons who will be living in the property even if they are not on the loan or title.
The applicants and ALL household members over the age of 18 must be first time homebuyers.
A first time homebuyer is defined as someone who has not had ownership of any real estate in the previous 36 months.
A displaced homemaker and a single parent who owned a home with his or her spouse while married and has a child that spends at least 51% of the time with him/her may be exempt for the 36 month rule.
The income limits for this program can be Found on the INCOME LIMITS PAGE
How
does the program work?
If you are a First Time Homebuyer and you and your household are eligible, you may qualify for a second trust deed loan of up to 17% of the purchase price of a home.
The loan does not require monthly payments BUT it does have an interest rate of 3%.
The accumulated interest and principal balance must be paid when one of the following events takes place:
- At the end of a 30 year term
- When the home is sold or title is transfered
- When the home is no longer your primary residence
- Upon discovery of willful misrepresentation or fraud in connection to any aspect of the loan program guidelines
This program helps homebuyers qualify for more home because the homeowner will not be making payments on all of the money borrowed and it can help avoid mortgage insurance as well
Example: (interest rates and sales prices are for illustration purposes only. They do not necessarily reflect available rates or prices)
Applicant can only qualify for a total payment of $2000 based on his/her qualifying income and other debts
Sales Price
Down Payment
Down Payment Assistance
Loan Amount
Principal & Interest
Mortgage Insurance
Home Insurance
Property Taxes
Total Payment
No Down Payment Assistance
$299,000
$8,970
$0
$290,030
$1384.65
$277.95
$50.76
$286.54
$1999.89
With Down Payment Assistance
$404,000
$12,120
$68,680
$323,200
$1543.01
$0
$53.87
$387.17
$1984.04
What
properties are eligible?
- Single family homes, town homes and condominiums located within the City of San Diego. Zip codes beginning with 921 are typically within the city limits
- The maximum sales price is $622,250 for a detached home and $410.875 for an attached property. (Effective Sept 2019)
- The property cannot be tenant occupied at the time of contract
The property must also meet the minimum housing quality standards as set by the San Diego Housing Commission.
How
much down payment do I need?
Down payment of 3% is required. This can come from savings, checking, investment, retirement accounts or a gift from an immediate family member.
What
else do I need to know?
As already mentioned, these guidelines are not the complete set of eligibility and qualification requirements but rather an over view.
- Must be able to obtain loan approval for the primary loan
- Applicants must complete a homebuyer education class
- Minimum credit score: 640
- Those with a foreclosure or short sale in the previous 5 years can be approved depending on the reason for the foreclosure or short sale
- A credit report for a non-borrowing spouse is required. All debt of the non-borrowing spouse will be used in the debt-to-income ratio calculations.
- All collections and judgments must be paid in full.
- You must have a minimum of $1000 left in savings after the close of escrow
- You cannot have more than $10,000 left in savings after closing.
- Your new total housing payment cannot be less than 30% of your gross income
- Your new total housing payment plus all other household monthly debts cannot exceed 45% of your total gross income.
Where
do I apply??
Applications are made through an approved participating lender
Laura Borja with Ocean Lending is an approved participating lender
START
ONLINE
(619)
992-4061
BY PHONE
To schedule an appointment
Call
(619) 992-4061
Or
Schedule Online
IN PERSON
Download the application worksheet
BY FAX
(866) 765-3804
Download the application checklist
California Down Payment Assistance Programs
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California Down Payment
Assistance Programs
NOT A GOVERNMENT
WEBSITE
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(619)992-4061
Laura Borja | Senior Mortgage Consultant | NMLS#199107
Cell: (619) 992-4061
laura@lauraborja.com
27271 Las Ramblas ste 150 Mission Viejo CA 92691
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This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only.
Ocean Lending Home Loans Inc. NMLS ID #1626788 (www.nmlsconsumeraccess.org). 27271 Las Ramblas ste 150 Mission Viejo CA 92691 (888) 508-5030. All rights reserved. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Ocean Lending is not affiliated with any government agency. Licensed by the Dept of Business Oversight under the California Residential Mortgage Lending Act License # 41DBO-76602 and Finance Lenders Law Lic # 60DBO71981