The County of San Diego’s Down Payment and Closing Cost Assistance Program, or DCCA, has about $2 million available until the end of June to help first time homebuyers purchase a home.
Why it matters
"The combination of high interest rates with steep housing costs makes it harder and harder for today's first time homebuyers to get into a house," said Felipe Murillo with Housing and Community Development Services.
He said DCCA assistance offers first time homebuyers the opportunity to actually qualify for a loan that can get them into a house and relieves them of the need to pay mortgage insurance or paying a big down payment.
By the numbers
This program is for people with an income 80% or less of the area median income.
“For a family of one, that's about $77,000. For a family of four, that's just over $110,000 a year,” Murillo said.
First time homebuyers can use this deferred loan, valued up to 22% of the sale price, for a down payment and up to $10,000 for closing costs.
The loan can be used to buy new or resale homes with a purchase price up to $676,000.
Closer look
“The benefits of this are that you don't have to make a monthly payment, it's a deferred payment. So you don't pay until you sell the home or if you want to refinance and pay the loan off early, you can do that as well,” Murillo said.
Greater San Diego Association of Realtors President Spencer Lugash said this program can really help first time homebuyers.
“From a realtor’s perspective, we like to encourage them to find that lender that’s qualified through the program," Lugash said. "Find out whether they can qualify and what they qualify for and then seek out the assistance of their neighborhood realtor to help find the actual property.”
Looking ahead
The San Diego Housing Commission has more about the DCCA program and how to apply on its website: sdhc.org.
