North San Diego County Down Payment Assistance Programs for Home Buyers

Reblogger Melissa Zavala
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

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!

Original content by Jeff Dowler, CRS CA DRE #01490977

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

You may be able to purchase the home of your dreams with a down payment assistance programAs 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

*   *   *   *

$$$$$      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.

 *   *   *   *

$$$$$     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.

Learn more at Craig's down payment assistance programs website. Feel free to call (760-468-9898) or email (cgriffin@guildmortgage.net) Craig for more information - please tell him I sent you!

 

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All content copyright © 2010 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

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Topic:
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Location:
California San Diego County Escondido
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home buying in escondido

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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Thanks for helping to spread the word, Melissa. I suspect there are many in our area who can take advantage of these. And with the current prices (despite the competition) and the interest rates, it can be a terrific time for many first time home buyers.

Jeff

Jun 23, 2010 03:20 AM #1
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Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change

Hi Melissa,

I did a similar post about programs available in Livermore, Dublin and Pleasanton CA.  They are often underutilized.  They helped several of my clients compete in multiple offer situations.  They were no longer the 3.5% FHA buyer, but considered conventional!

And there are additional funds available for re-hab for those first timers.  Check into it for your area - I just posted this on my blog last week, after reading someone post about the expiring first time buyer credit. Take a read.  http://activerain.com/blogsview/1716627/first-timers-miss-the-credit-are-there-other-options

 

 

 

Jun 30, 2010 01:48 PM #2
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Melissa Zavala

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