Attention North San Diego County Home Buyers: My friend and colleague, Jeff Dowler, wrote this very informative post about the down payment assistance programs available in North San Diego County. If you are a first time home buyer or are considering buying a home in the near future, this post is a must read!
Down Payment Assistance Programs in
North San Diego County
First time home buyers in North San Diego County have a special opportunity they may not know about...Down Payment Assistance Programs.
As a first time home buyer in California you know that the Federal First Time Home Buyer tax credit is gone (if you did not get your home under contract before April 30, 2010). You likely also know that California has a first time home buyer tax credit as well. If not, you can read more about the California 2010 First-Time Buyer Tax Credit that allows up to $10,000 over 3-years for qualified buyers (first time home buyer mean either a buyer who has never owned a home or who has not owned one in the last 3 years).
What you may not know is that you may qualify for one of the down payment assistance programs in North San Diego County.
Here's the scoop on the down payment assistance programs for first time home buyers
in San Diego County.
$$$$$ There are down payment assistance programs for certain cities (e.g., Carlsbad, Escondido, San Marcos, Oceanside), for the County, and for the City of San Diego
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$$$$$ Programs have either low or moderate income guidelines (based on total income for the household from all sources), e.g., a family of 5 with either $67,850 total income (low) or $97,850 (moderate) may qualify, based on credit scores and other factors
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$$$$$ Some down payment assistance programs require some money from the buyer; others do not
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$$$$$ Down payment assistance can range from 5% up to $70,000 with interest rates of 0% - 3%. Loans are paid off when you sell - there are no payments while you own the home.
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$$$$$ With these down payment assistance programs and the standard mortgage qualifications (credit, income, loan to value ratios, etc) a first time home buyer could purchase a home in North San Diego County in the $200s and $300s and possibly even into the low $400s depending on the particular program guidelines and available funds [As an example, in Escondido there are 240 detached single family homes priced under $350,000 as of this writing.]
This information I've shared is courtesy of Craig Griffin at Guild Mortgage. Not all lenders (e.g., Chase) will work with down payment assistance programs, and Craig is an expert on these. He knows everything you need to know to get you through the process.
If I can provide more information about San Diego real estate and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at or email me at JDowler@remax.net.
All content copyright © 2010 Jeff Dowler Carlsbad Homes and Real Estate Tidbits