Affordable Housing Is Alive & Well In San Diego

Unfortunately not everyone who lives and works in beautiful San Diego County can afford to purchase a home. This is a sad reality.

Just because a person chooses a profession in education to educate the children in their community or give tender care to you and your family because they chose health care or a vocation in food service or construction and they don't have the earning power because of the limits on their income doesn't mean that they shouldn't have the opportunity to live next door to those of us that can afford to purchase a nice home in a nice community and send our children to good schools in that community.

But fortunately like many Counties and Cities throughout the United States  San Diego County and all of its wonderful Cities has an "Affordable Housing Program" that prospective buyers can qualify for and turn their dreams of home-ownership into a reality.

If you are an individual/s looking for a home-ownership opportunity or if you are a Real Estate Professional with a client/s seeking to purchase take a few moments to familiarize yourself with this wonderful program and opportunity.

SAN DIEGO COUNTY HOME CONSORTIUM HOME BUYER DOWN PAYMENT & CLOSING COST ASSISTANCE (DCCA)/CALHOME PROGRAM

PROGRAM OVERVIEW

Effective September 9, 2014

•        You must occupy the property as your primary place of residence.

•        You must contribute a minimum of one percent (1%) of the purchase price from

•      your own funds.

•        You must not have owned a home or been on title of a home within the last three

•      years.

•        You must complete a HUD/CalHome Approved Homebuyer Education class.

•        The total gross annual income of the entire household must not exceed 80% of the

•     San Diego County Area Median Income (AMI).

•        You must receive the maximum first mortgage loan for which you qualify.

•      DCCA/CalHome loan cannot exceed 33% of total

   

       purchase price.

  Property Guidelines:

  •   The property must be located within the DCCA/CalHome jurisdictional boundaries.

  •   The property may be a new or resale single-family detached unit, condominium, townhouse or a manufactured home on a

    permanent foundation.

  •   The purchase price and the appraised value of an existing property may not exceed $451,250 for a single-family detached

    residence, $312,000 for a re-sale condominium/townhome, and $377,000 for a new condominium/townhome, subject to periodic

    updates.

  •   The property must be vacant or occupied by the seller/owner, or the DCCA/CalHome applicant; and must not have been vacated

    by the previous renters within the last 30 days.

  •   The property must be free from any health & safety defects and Lead-based paint hazards. Prior to final loan approval, a Housing

    Quality Standards (HQS) inspection will be conducted to verify condition of property. Proof of initial building permit issuance

    must be provided.

  •   Occupancy Ratio: No more than 2 people per living space (living space includes bedrooms, living room, family room, den/study).

  •   You must obtain flood insurance – if the property is located in a flood plain.

    DCCA/CalHome Loan Amounts and Jurisdictional Areas:

         Up to $70,000 or 33% of the purchase price, whichever is smaller, at 3% simple

        interest in the Unincorporated Areas of the County of San Diego and the cities of:

        Coronado, Del Mar, Imperial Beach, Lemon Grove, Poway, and Solana Beach.

Loan Terms:

•       The maximum DCCA/CalHome loan amount is up to $70,000 or 33% of the

•     purchase price, whichever is smaller.

•       No monthly payments are required.

•       The interest is accrued annually at 3% simple interest per year.

•       Repayment is deferred until the borrower refinances (except a FHA Streamline),

•      sells, pays off the first mortgage, or no longer occupies the property as their

•     primary residence. The loan repayment will be one payment of the

•     original principle loan amount plus any accrued interest.

•       Prohibited loans and terms: Negative–Amortization; Stated Income; Adjustable

•     Rate Mortgage (ARM) – when ARM Rate changes within the first 5 years; Interest-

•     only loans; and, if the Front-End ratio is below 30% or over 38% the Back-End ratio

•     is over 45%.

  Mortgage Credit Certificate

  Qualified homebuyers with income not exceeding 140 percent of AMI may claim a federal income tax credit of either 15 percent or 20 percent of the annual interest paid on their mortgage for as long as they reside in the home. The resulting reduction in tax burden increases buyers’ net earnings and helps them qualify for a mortgage. Homebuyers may have to repay the tax if they sell their residence within nine years. You may apply for a CalFHA Mortgate Certificate Credit through your lender.

  How to Apply:

  The County of San Diego has partnered with the San Diego Housing Commission (SDHC) to administer the Downpayment and Closing Cost (DCCA) Program. To participate in the County of San Diego’s DCCA program, you must first apply for and obtain a first trust deed loan approval through one of the mortgage lenders pre-approved by SDHC. A complete list of mortgage lenders pre- approved by SDHC at:

• http://www.sdhc.org/uploadedFiles/Real_Estate/First_Time_Homebuyers/Lender%20List%2011.18.13.pdf 

If you don't have enough money for a downpayment but have good credit and are gainfully employed you may still qualify for the: 

          Downpayment and Closing Cost Program

Or if you already own a home or even a Manufactured

Home you could still qualify for a 

such as the City of Encinitas provides. However, do be

aware that not all Cities may have the necessary funds

appropriated in their fiscal budgets due to myriad short

falls 

But by all means be you a future homeowner or a Real Estate Professional please take the time to know and understand the many opportunities that our City, County, State and Federal Government has available for you.

Let American Building Innovation and our team of experienced field technicians help you design and build your dream home. 

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