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There are many programs available throughout San Diego County to help first
time home buyers buy a home.  These programs include low interest rate loans,
grants, down payment and closing cost assistance and many others.  Below are
only some of the programs available for first time home buyers.  

Also, each city throughout San Diego County may have their own program.
Programs also change from time to time and even run out of money sometimes.


CalHFA
Offers a variety of programs for first-time home-buyers.  Their loan programs
include 40- and 30-year fixed rate mortgages and 35-year fixed rate mortgages
with an interest only component for the first five years.  Each loan program
offers 95% financing.  Together with CalHFA’s down payment assistance
programs they enable homebuyers to buy their home with little cash.

CalHome 1st Time Homebuyer Assistance Program
Qualified first-time homebuyers earning 80 percent or less of the AMI, as
adjusted for family size, can purchase homes in the City of San Diego with the
help of a deferred second trust deed loan of $19,350. Loans are fully deferred
at three percent simple interest, due in 30 years or upon sale, transfer, renting
of the property, or refinancing. Buyers must have adequate income and an
acceptable credit history, plus sufficient funds available for a minimum down
payment of three percent and closing costs. Homebuyers are required to attend
a homebuyer class offered by San Diego Neighborhood Housing Services.

CCDC’s Downtown 1st Time Homebuyer Program
In an effort to make home ownership more accessible and affordable the Centre
City Development Corporation (CCDC) created a program that assists first-time
homebuyers earning 120 percent or less of AMI to purchase a home in
downtown San Diego. This program provides financing, in the form of a second
trust deed loan, not to exceed $75,000. The loan is for 30 years at zero percent
interest and has no monthly payments for the first five years. Beginning year six,
buyers will be required to make level monthly principal payments. If the buyer
sells within 30 years, they must pay an amount equal to CCDC’s share of
appreciation in value of the property. From year 30 to year 45, CCDC’s share of
appreciation is reduced by 50 percent.

Home in the Heights
The City of San Diego funds silent-second mortgages of up to $30,000 per
property to qualified borrowers purchasing a home for the first time within the
City Heights Redevelopment Project Area. The Home in the Heights loan can
also be combined with San Diego Housing Commission funds.
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First Time Home Buyer Assistance Programs
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