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NOT a government website
Program Overview -This is NOT a complete list of eligibility and qualification requirements. Contact me or San Diego Housing Commission additional for details
is this program for?
does the program work?
properties are eligible?
much down payment do I need?
other else do I need to know?
do I apply??
This program is for First Time Homebuyers with a household income that does not exceed 80% of the area median income. The applicants and ALL household members over the age of 18 must be first time homebuyers. Anyone who has lived with the borrower a minimum of six months will be considered part of the household.
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
If you are a First Time Homebuyer and you and your household are eligible, you may qualify for
Down Payment Assistance -a second trust deed loan of up to 17% of the purchase price OR appraised value. whichever is less.
Closing Cost Assistance - Up to 4% of the purchase price up to $10,000
The loan does not require monthly payments BUT it does have an interest rate of 3%.
The principal balance and accumulated interest must be paid in full when one of the following events takes place:
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
Applicant can only qualify for a total payment of $2000 based on his/her qualifying income and other debts.
Down Payment Assistance
Principal & Interest
The property must also meet the minimum housing quality standards as set by the San Diego Housing Commission.
Down payment of 3% is required. This can come from savings, checking, investment, retirement accounts or from an immediate family member.
As already mentioned, these guidelines are not the complete set of eligibility and qualification requirements but rather an over view.
Applications are made through an approved participating lender
Laura Borja with Mann Mortgage is an approved participating lender
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Information in this website is not intended as a commitment to lend, an offer to extend credit, or rate guarantee. Not all applicants will qualify. Information provided is deemed reliable as of published date but is not guaranteed. Laura Borja (NMLS#199107) and Mann Mortgage, LLC are not endorsed by, nor acting on behalf of or at the direction of, U.S. Dept of Housing and Urban Development, Federal Housing Administration, Veterans Administration, the U.S. Department of Agriculture or any other Federal Agency. Mann Mortgage NMLS#2550 is Licensed by the Dept of Business Oversight under the California Residential Mortgage Lending Act #813K741
11230 Sorrento Valley RD, Ste 140
San Diego CA 92121