Good News For First-Time Homebuyers in San Diego; Check the Details For the Loan Assistance Program

Good News For First-Time  Homebuyers in San Diego; Check the Details For the Loan Assistance Program

Potential San Diego County first-time homeowners may be eligible for a new assistance program that provides low-interest loans.

The County Communication Office has clarified that people who make 80% or less of the area median income are eligible for the Down Payment and Closing Cost Assistance Program. A single adult may spend as little as $77,200, a family of four may spend $110,250, and a family of eight may spend $145,550.

Selected first-time homebuyers will receive low-interest loans with deferred payments. According to the county, the loans could cover closing fees of up to $10,000 and a down payment of up to 22% of the sales price. For San Diegans with lesser incomes, this might significantly impact their lives.

Also Read: Stimulus Check Update: Govt. Trying to Help Senior Citizens in Tough Times

Properties Covered In The Program

The county stated that new or resale properties may be purchased using these loans. Single-family, townhome, condominium, and manufactured residences on a permanent foundation fall under this category.

The potential home will be inspected before a loan is issued to ensure all requirements are completed. The county stated that there may be “periodic adjustments” to the purchase price, which cannot exceed $676,000.

The residences have to be in Carlsbad, Coronado, Del Mar, Encinitas, Imperial Beach, La Mesa, Lemon Grove, Poway, San Marcos, Santee, Solana Beach, or Vista, or in the unincorporated territory of San Diego County.

Read More: Eligibility and Amount Details For $2600 California Stimulus Check

Application Process

First-time homebuyers can begin the process by contacting a loan officer from the list of cooperating lenders in the county. The loan officer will gather the necessary paperwork and apply to the San Diego Housing Commission (SDHC) on the borrower’s behalf.

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