The Housing Commission provides eligible applicants with recoverable
grants to help with the down payment and closing costs. If the buyer
remains in the home for at least six years, the grant does not have to be
repaid.
Participating lenders need to offer this program in combination with a
conventional first mortgage (with no balloon payments). Note, homebuyers
are required to provide at least three percent of the purchase price
towards the down payment (in addition to the grant).
Income eligibility is based on household size.
For households earning 80% or less of the Area Median Income (AMI), grants
are available for as much as $15,000 or six percent of the purchase price,
whichever is less. For those earning 81 to 100% of the AMI, grants are
provided for up to $10,000 or four percent of the purchase price, whichever
is less. Buyers apply through participating lenders
providing the first mortgage. For additional information, please refer to
the program guidelines.
Following are instructions for participating in this program and the
Mortgage Credit Certificate program: complete and submit two simple forms
(Lender Participation
Agreement and
Statement
of Quality Commitment) and mail these
forms – along with a copy of the lenders Dept. of California Real Estate license and an annual application
fee of $400 (check payable to San Diego Housing Commission) to:
Vicki Monce
San Diego Housing Commission
1122 Broadway, Suite 300
San Diego CA 92101
Upon receipt of your package, Housing Commission staff will contact you.
