San Diego Down Payment Assistance Programs
Helping San Francisco Achieve homeOwnership
San Diego Down Payment Assistance Programs
Helping San Diego Achieve homeOwnership
San Diego Housing Commision (SDHC) First Time Homebuyer Program
The San Diego Housing Commission (SDHC) First-Time Homebuyer Program is designed to help low- and moderate-income families achieve homeownership in San Diego. The program provides financial assistance for down payments, closing costs, or both, making it more feasible for first-time buyers to purchase a home. Below are the key details of the program:
Key Features of the LIPA Program
- Types of Assistance Available
- Loans to help with down payment and closing costs.
- No monthly payments are required until the home is sold, refinanced, or ceases to be the borrower’s primary residence.
- Closing Cost Assistance Grants:
- Non-repayable grants to cover closing costs for eligible homebuyers.
- Loan Amount
- Up to 22% of the home’s purchase price for a deferred loan.
- Maximum loan amounts and grants depend on program funding and applicant eligibility.
- Eligibility Requirements
- First-Time Homebuyer: Applicants must not have owned a home in the last three years.
- Income Limits: Household income limits based on the Area Median Income (AMI) for San Diego.
- Property Location
- The property must be located within the City of San Diego.
- Homebuyer Education
- Applicants must complete a HUD-approved homebuyer education course.
- Primary Mortgage
- Borrowers must secure a first mortgage through a participating lender.
- Eligible Properties
- Single-family homes, condominiums, or townhomes.
- Must be the borrower’s primary residence.
- Purchase price limits apply (subject to program guidelines).
- Loan Terms
- Deferred-Payment: No monthly payments during the loan term.
- Repayment due upon sale, transfer, or refinancing of the property, or if the home is no longer the primary residence.
- Shared Appreciation: In some cases, the borrower may need to repay the loan plus a share of the home’s appreciation in value.
Application Process
- Determine Eligibility: Review income, household size, and other requirements listed on the SDHC website.
- Complete Homebuyer Education: Enroll in a HUD-certified homebuyer education course and receive a certificate of completion.
- Get Pre-Approved: Work with a participating lender to get pre-approved for a primary mortgage loan.
- Submit an Application: Submit your application for assistance through the SDHC or an approved partner agency.
Program Benefits
- Reduces the upfront costs of homeownership.
- Helps bridge the affordability gap in San Diego’s competitive housing market.
- Provides a pathway to stable housing and equity-building opportunities.
Important Considerations
- Assistance funds are limited and may be distributed on a first-come, first-served basis.
- Homebuyers must adhere to program rules and use the home as their primary residence.
For more information, including current income limits, purchase price limits, and application details, visit the San Diego Housing Commission (SDHC) website or contact their office directly.
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