Home Financing: Buyer Program - Down Payment Assistance Programs

Owning a home is one of the most significant dreams for many families. However, the down payment and closing costs can be challenging obstacles. To support low- and moderate-income families, the San Diego Housing Commission offers programs designed to make homeownership more accessible. These programs provide financial assistance and grants to help families achieve their dream of owning a home.

What Are Down Payment Assistance Programs?

Down Payment Assistance Programs are specifically designed for first-time homebuyers, defined as families who have not owned a home for at least three years. These programs provide financial support to cover part of the down payment and/or closing costs, significantly reducing financial barriers.

Types of Assistance Available

1. City of San Diego – Low-Income Program (<80% AMI):

   • Assistance of up to 25% of the purchase price.
   • Additional grant of 4% of the purchase price, up to $10,000 for closing costs.
   • Applicable to properties in ZIP codes starting with 921.

2. County of San Diego – Low-Income Program (<80% AMI):

   • Assistance of up to 22% of the purchase price.
   • Additional grant of 4% of the purchase price, up to $10,000 for closing costs.

3. City of Chula Vista (<80% AMI):

   • Assistance of up to 22% of the purchase price, with a maximum limit of $120,000, for down payment and closing costs.

4. City of El Cajon (<80% AMI):

   • Assistance of up to 22% of the purchase price, with limits of:
     • Single-family homes and townhomes: $150,000.
     • Condominiums: $100,000.

Who Is Eligible?

To qualify for these programs, you must meet the following criteria:

• First-Time Homebuyer Requirement: All applicants and household members over the age of 18 must meet this criterion.
• Income Limits: Household income must fall within the limits based on household size.
• Credit Score: A minimum FICO score of 640 is required.
• Homebuyer Education Course: Completion of this course is mandatory.

Required Documentation

To apply for any of these programs, you must provide the following documents:

1. Most recent pay stubs from the last 2 months.
2. The most recent pay stub from the past 2 calendar years.
3. W2 forms from the last 2 years.
4. Signed tax returns from the last 3 years.
5. Bank statements from the last 3 months.
6. A government-issued ID.

How Can These Programs Help You?

Down payment assistance programs remove one of the biggest hurdles to homeownership: the initial costs. With these resources, you can take the first step toward buying your home without compromising your savings, giving you peace of mind.

If you're considering buying your first home, these programs are an excellent opportunity to reduce costs and achieve the dream of owning your place. Learn more today and start planning your future!

Conclusion:
With the support of the San Diego Housing Commission, owning a home is within your reach. Take advantage of these benefits to make your dream a reality and provide stability for your family. Start your journey to homeownership today!