San Diego City and County First Time Homebuyers Programs
The San Diego Housing Commission (SDHC) offers deferred loans, homeownership grants, and mortgage credit certificates to help low- and moderate-income families buy their first homes.
The SDHC First-Time Homebuyer Program can be used to purchase a single family home, townhome or condominium in the City of San Diego. This program is funded primarily through federal U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program grants to the City of San Diego that are administered by SDHC, with additional funding from federal Community Development Block Grant funds, State CalHome Program funds, and City of San Diego Affordable Housing Funds. Since the program began on August 13, 1990, SDHC has helped more than 5,230 families and individuals buy their first homes.
GSFA Program
The GSFA Platinum homebuyer assistance program provides eligible borrowers with a grant, up to 5% of their total loan amount, to use towards down payment and closing costs. Many times the assistance will help a homebuyer to purchase a home with little-to-no money out of pocket and maybe much sooner than was thought possible. The program is very flexible. Eligible mortgage loans include FHA, VA, USDA and Conventional mortgages, and the income limits are higher than one might expect (low-to-moderate income).
CALHFA
CalHFA offers an array of mortgage financing and down payment assistance. The combined DPA programs can provide up to 8% of the purchase price, with a maximum CLTV of 105%.
This is a great option for many people have good credit and a steady job, but haven't saved up enough for a private bank's down payment requirement. CalHFA develops programs to address the down payment and closing cost needs of those homebuyers.
