Help for First Time San Diego Home Buyers | Down Payment Assistance
Help for San Diego First Time Home Buyers
The San Diego County has numerous programs and options for first-time homebuyers with low to moderate income. There are down payment assistance programs and loans that don’t even have to be repaid Intel the home is either resold, no longer owner occupied, transferred, or refinanced. This is ideal for folks that just may not have enough for down payment or closing costs.
FHA regulations require 3 ½% down payment in addition to mortgage insurance, principal, and interest with the mortgage payment. That 3 ½% may be difficult to scrape together but with the down payment assistance and closing costs options, first-time homebuyers are granted anywhere from $9000-$15,000, depending on the program, to be used for the down payment or closing costs or both.
There are certain regulations for this type of a process; borrowers must be first-time homebuyers or have not owned a home in the last 3 to 5 years, qualify for the income limits, and the property itself must qualify. The lender that the borrower chooses must also be approved for these programs and options.
This is a great option for first-time homebuyers that are looking to find a home and have the stability and financial security now and in the future. Each financial situation is analyzed on a case-by-case basis so you may be surprised for what you qualify for. There’s no better way to find out than to call me and discuss your income limits, financial situation, home requirements, and let me put you in touch with a qualified San Diego mortgage broker today. I look forward to helping you into the home of your dreams.
Your San Diego Home Professional
Call me today to discuss touring any homes, condos, land or property for sale in San Diego county. Whether you're buying, selling or investing, I can be the voice of understanding and reasoning when it comes to the sometimes tricky legal jargon of real estate transaction. I look forward to talking with you soon.
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