A Premier San Diego Real Estate & Mortgage Company
Prestige Properties & Finance
There are many programs available throughout San Diego County to help 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 to make buying a home more affordable.
Also, each city throughout San Diego County has their own programs and the
only way to really know which program works best for you is to Contact Us.
Mortgage Credit Certificate (MCC) Program
Allows qualified first-time home buyers to reduce their federal income tax by up
to 20 percent of the annual interest paid on a mortgage loan. With less being
paid in taxes, the home buyer's net earnings increase, enabling him/her to more
easily qualify for a mortgage loan. Purchasing property in designated areas
increases the income eligibility and purchase price limits, as well as removes the
first-time home buyer requirement. An MCC may only be used to purchase
single-family detached homes, condominiums, town homes and manufactured
homes on a permanent foundation.
There are many MCC programs throughout the county. Contact Us for more
information on these programs.
Deferred Second Trust Deed Loans
SDHC offers Deferred Second Trust Deed Loans which provide funding of up to
25% of the purchase price. The loans are “deferred,” zero-interest loans,
meaning you do not make payments or accrue interest for 30 years unless you
sell or refinance the home – at which point you would share the appreciation
(sales profits) with SDHC. They are “second” loans because they are in addition
to your first, or primary, mortgage loan.
For-Sale Affordable Homes
SDHC has helped create policies within the City of San Diego that require
private sector developers to make new homes available to qualified buyers at
reduced, below-market-rate prices. You do not have to be a first-time home
buyer to purchase For-Sale Affordable Homes.
SDHC offers assistance to purchase For-Sale Affordable Homes in the form of
Down Payment/Closing Cost Grants and Mortgage Credit Certificates, which are
offered through SDHC’s regular Home Buyer Assistance Programs.
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|Housing Affordability Programs
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