The County of San Diego has launched the Down Payment and Closing Cost Assistance Program to assist first-time homeowners who are suffering financial difficulties.
This project is aimed at people earning 80% or less of the annual median income, which ranges from $77,200 for a single adult to $145,550 for a family of eight.
Financial Boost with Low-Interest Loans
The program provides a lifeline in the form of low-interest loans with deferred payments, providing up to 22% of the home’s sales price as a down payment and an additional $10,000 for closing fees.
The County Director of Housing and Community Development Services, David Estrella, highlights the importance of this support, recognizing the difficulties that many families experience while acquiring a home in San Diego.
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Loan Help for Homebuyers: What You Can Bu?y
Potential homebuyers can use the loan to buy new or secondhand homes on permanent foundations, such as single-family, condominiums, townhomes, and manufactured homes.
However, there are some restrictions, the home’s purchase price cannot exceed $676,000, and it must be located in selected sections of San Diego County or in designated cities such as Carlsbad, Coronado, Del Mar, and others.
This program aims to assist families in navigating the complexity of San Diego’s real estate market, paving the way for affordable homeownership.