County’s program eases path to homeownership for first-time buyers
By SDCN Editor
San Diego, CA–Empowering first-time homebuyers, San Diego County’s Down Payment and Closing Cost Assistance Program is a beacon of hope for those with incomes at 80 percent or below the annual area median income.
The program addresses the diverse needs of individuals, with income thresholds ranging from $77,200 for a single adult to $145,550 for a family of eight.
This initiative extends a helping hand through low-interest loans featuring deferred payments. Eligible individuals may secure loans of up to 22 percent of the property’s sales price for the down payment and an additional $10,000 for covering closing costs.
David Estrella, the County Director of Housing and Community Development Services, emphasized the significance of the program in light of the housing challenges in San Diego.
“Buying a home in San Diego is a huge challenge to many families,” said Estrella. “We want them to know they’re not alone and encourage them to apply for this life-changing program.”
The flexibility of the program allows for the purchase of various types of homes, including new or resale single-family homes, condominiums, townhomes, and manufactured homes on a permanent foundation. The cap on the purchase price is set at $676,000, with periodic adjustments.
To be eligible, the homes must be located in the unincorporated areas of San Diego County or in specific cities, including Carlsbad, Coronado, Del Mar, Encinitas, Imperial Beach, La Mesa, Lemon Grove, Poway, San Marcos, Santee, Solana Beach, or Vista.
In collaboration with the San Diego Housing Commission, the county has streamlined the administration of the program. For those seeking more information, they can visit the Housing and Community Development Services website.
