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San Diego County Down Payment and Closing Cost Program (DCCA)
The County of San Diego offers low-interest deferred payment loans and recently announced that beginning May 1, 2009 loans would be available up to $70,000 for low-income first-time homebuyers. The loan funds may be used to pay downpayment and closing costs on the purchase of a new or re-sale home. In addition this program allows buyers to pay only 1% of the property value as a down payment.
Properties eligible for assistance include single-family homes, condominiums, townhomes and manufactured homes on a permanent foundation located in any unincorporated area of San Diego County. The appraised value of the property may not exceed $451,250 and the buyer's income can not exceed 80% of the San Diego Area Median Income.
To be eligible, home buyers must attend a Department of Housing and Urban Development approved one day Financial Education Program.
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