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The San Diego Housing Commission (SDHC) has helped more than 4,300 individuals and families achieve the American dream of owning a home. A variety of home buyer assistance programs in the City of San Diego are available, including deferred loans, grants for down payments and closing costs, tax credits, and opportunities to purchase homes at below-market-rate prices.
Home Buyer Assistance Programs (which can be combined in some cases) are as follows:
Deferred Second Trust Deed Loans. SDHC offers Deferred Second Trust Deed Loans which provide funding of up to 25% of the purchase price. The loans are “deferred,” zero-interest loans, meaning you do not make payments or accrue interest for 30 years unless you sell or refinance the home – at which point you would share the appreciation (sales profits) with SDHC. They are “second” loans because they are in addition to your first, or primary, mortgage loan. Applicants are required to attend a home buyer education class.
Down Payment/Closing Cost Grants. SDHC offers grants of up to $15,000 to help cover your down payment or closing costs.
Mortgage Credit Certificate (MCC) Program. By reducing the amount of federal income taxes you owe, the MCC program increases your take-home pay, making it easier to afford your mortgage payment. This tax credit is in addition to the standard mortgage interest deduction for which all U.S. homeowners are eligible.
For-Sale Affordable Homes. SDHC has helped create policies within the City of San Diego that require developers to make new homes available to qualified buyers at reduced, below-market-rate prices. Depending on eligibility, some households can apply to SDHC for financial assistance to purchase one of these homes, creating even deeper affordability.
Eligibility & Income Requirements All homes to be purchased must be located within the City of San Diego. For all programs, except for New For-Sale Affordable Housing, applicants must be first-time home buyers, defined as not having owned real estate in the past three years. All programs are subject to income limits and some have maximum purchase amounts. Other eligibility requirements may apply.
Other Resources
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