The Major First-Time
Programs in San Diego County
Each financial assistance program listed above can be generally classified
by the following characteristics:
- Whether the particular program is a 1st mortgage or will
be in a subordinate position (2nd, 3rd, 4th, or 5th mortgage - Yes, I've put
together loan packages for first-time buyers that combined 5 different
first-time homebuyer financial assistance programs. It saved the buyers a lot
of money) to whatever first mortgage is in place.
- What region the program is valid in - Some programs are
used nationwide, some can be used anywhere in California, some are useable
only in certain areas of San Diego County, others can only be used within
the City of San Diego limits, some are only good within the 11 districts
that comprise downtown San Diego, while other programs can only be used with
in the boundaries of certain incorporated cities, such as El Cajon or
- What is the maximum allowable income for each program -
Most of the programs are limited to either 80% or 120% of the San Diego
County Area Median Income (AMI) for a particular household size. The first
mortgage assistance programs generally have much higher household income
limits than the subordinate mortgage programs.
- Depending on the program. the household income used to
qualify is calculated either by adding the incomes of only those who will be
on the loan or by adding the incomes of all income earners who will live in
the household regardless of whether they will be on the loan.
- Whether the program can be applied toward down payment,
or closing costs, or both.
- The subordinate mortgage financial assistance programs can
categorized by which first mortgages they can be combined with.
- Some of the programs required that all borrowers take an
eight-hour HUD-approved course before applying for the program
- A number of the programs have possibility of payment of
some part of the capital gain upon the sale of the property. In some cases,
this is mandated by the program. In other cases, there is a small
possibility of recapture but it is a very rare occurrence. Call me for an
explanation about that.
- Some of the programs are available only to certain
- A few programs are only available in-house from a few
select lenders. These programs will not be covered here.
Contact Me If You Have Any Questions. I Know All Of The Programs Listed
First Time Buyer In San
Diego Home Page For Financial Assistance Programs
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Mark Harmon, Realtor ®
CalHFA Preferred Loan Officer
USA Realty and Loans
Brokerage Main Office
3994 Carson St.
San Diego, CA 92117