California and San Diego County offers several first-time – 1st time – homebuyer programs designed to make homeownership more accessible and affordable. These programs provide assistance with down payments, closing costs, and mortgage rates, making it easier for first-time homebuyers to purchase a home. Here are some of the first-time homebuyer programs available in California:
California offers several first-time homebuyer programs designed to make homeownership more accessible and affordable, including in San Diego. Here are some of the first-time homebuyer programs available in California:
- CalHFA: One of the most popular programs is the California Housing Finance Agency (CalHFA) loan program, which offers low-interest loans to eligible first-time homebuyers.
The California Housing Finance Agency (CalHFA) provides assistance to first-time homebuyers through its various loan programs. CalHFA offers a low-interest rate loan program for first-time homebuyers that covers the down payment and closing costs.San Diego residents can take advantage of these programs, including CalHFA’s loan programs, to help with down payments, closing costs, and mortgage rates. The agency offers a variety of loan options, including the CalPLUS Conventional and CalPLUS FHA programs, which provide a combined first and second mortgage to help with down payments and closing costs. CallHFA also offers the MyHome Assistance Program, which provides a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value, whichever is less. This program can be used towards down payment or closing costs and can be combined with other CalHFA loan programs. To qualify for CalHFA’s loan programs, applicants must meet certain income, credit score, and other eligibility requirements. However, the agency’s programs can be a great resource for first-time homebuyers in San Diego and throughout California who are struggling to come up with the funds necessary to purchase a home..
- MCC: .The Mortgage Credit Certificate (MCC) program provides a federal tax credit to first-time homebuyers for a portion of the mortgage interest paid each year. This program helps lower the amount of federal income tax a homeowner must pay, making it easier to afford homeownership.
The Mortgage Credit Certificate (MCC) reduces the amount of Federal income tax to be paid, thus allowing for more available income to qualify and pay for a mortgage loan. If eligible, a buyer will receive a tax credit that is a percentage of the annual interest paid on the mortgage loan.
- CalPLUS: CalPLUS is another loan program offered by CalHFA that combines a first mortgage with a second mortgage to help with the down payment and closing costs. The program also offers a reduced mortgage insurance premium, making homeownership more affordable.
- Additionally, CalHFA offers the School Teacher and Employee Assistance Program: This program is designed to help school employees purchase their first home. Eligible participants can receive up to $15,000 in assistance for down payment and closing costs.
- And the CALHFA Extra Credit Teacher Home Purchase Program: This program provides a deferred-payment junior loan of up to $7,500 to help teachers purchase their first home. The loan is forgiven after three years of continuous occupancy, making it a great option for teachers who are committed to staying in the area.
- California Housing Finance Agency (CalHFA) has recently created the CALIFORNIA FIRST TIME HOME BUYER FORGIVABLE EQUITY BUILDER LOAN – the New California program for first-time homebuyers which will let you borrow up to 10% at 0% interest to apply for down payment or closing cost assistance.
The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan of up to 10% of the purchase price of the home. The loan is forgivable if the borrower continuously occupies the home as their primary residence for five years, The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan of up to 10% of the purchase price of the home. The loan is forgivable if the borrower continuously occupies the home as their primary residence for five years. The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.
FHA Loans: The Federal Housing Administration (FHA) offers loans to first-time homebuyers with lower credit scores and smaller down payments. These loans are popular among first-time homebuyers because they require a lower down payment of just 3.5%.
VA Loans: Veterans and active-duty military members are eligible for VA loans, which require no down payment and have lower interest rates than traditional mortgages.
Download our My First Home Down Payment and Closing Cost Assistance Program Handbook https://homesinsdcounty.com/myhome-home-purchase-assistance-program-payment-handbook-and-guide/
San Diego Homebuyer Assistance Program: Another program available to first-time homebuyers in San Diego is the San Diego Housing Commission (SDHC) Homeownership Program. This program provides deferred loans to eligible low- and moderate-income families to help with down payments and closing costs.
The SDHC Homeownership Program also offers counseling services and homebuyer education courses to help first-time buyers navigate the process of purchasing a home. The program is open to individuals and families who meet certain income and eligibility requirements, and funds are available on a first-come, first-served basis.
In addition to the SDHC program, first-time homebuyers in San Diego may also be eligible for the city’s Homebuyer Assistance Program. This program also provides deferred loans to low- and moderate-income families for down payment and closing costs.
To qualify for the San Diego Homebuyer Assistance Program, applicants must meet certain income and credit score requirements, as well as complete a homebuyer education course. The program is open to individuals and families who are purchasing a home in San Diego and intend to use it as their primary residence.
Overall, first-time homebuyers in California, including those in San Diego, have access to a range of programs and incentives to help make homeownership more affordable and accessible. From low-interest loans to tax credits and down payment assistance programs, these resources can help first-time buyers overcome some of the financial barriers to owning a home and achieve their dream of homeownership.
To qualify for these first-time homebuyer programs, applicants must meet certain income, credit score, and other eligibility requirements. However, these programs can be a great resource for first-time homebuyers in California who are struggling to come up with the funds necessary to purchase a home. By taking advantage of these programs, first-time homebuyers can achieve their dream of homeownership and build equity in their own home.
How To Apply
How do I apply for these loan programs?
Since CalHFA and SDHC are not direct lenders, their mortgage products are offered through private loan officers who have been approved & trained by their Agencies. These loan officers can help you find out more about CalHFA’s and SDHC’s programs and guide you through the home buying process.
Contact Us to find a loan officer in your area.
What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:
- Pay stubs
- Bank statements
- Employment history
- Previous tax returns
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At HomesinSDCounty | Coldwell Banker Realty, Karen and Brad Mattonen are committed to empowering first-time homebuyers to realize their dreams of homeownership. They offer:
- Expertise in down payment assistance programs: Karen and Brad Mattonen stay up-to-date with the latest down payment assistance programs, ensuring that their clients have access to the most relevant and beneficial options available.
- Personalized support: They understand that every first-time buyer’s situation is unique. Karen and Brad provide one-on-one guidance, addressing concerns, and offering tailored solutions to help clients achieve their homeownership goals.
- Extensive network: HomesinSDCounty | Coldwell Banker Realty has established connections with trusted professionals, including lenders, real estate agents, and housing counselors who specialize in working with first-time buyers. This network ensures clients have access to the resources and expertise needed for a successful homebuying journey
Contact Information:
Karen and Brad Mattonen, HomesinSDCounty | Coldwell Banker Realty Phone: 858-518-2875 Website: www.homesinsdcounty.com
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