6 Criteria for the New Downpayment Assistance

More exciting news from the land of real estate!  The California Housing Finance Agency announced new programs for low to moderate income families.  Here are some criteria for you to see if you qualify:

1.  You have to be a first time homebuyer
In the last three years you did not own a home.

2.  2.5% Downpayment
A minimum of a 2.5% contribution is required by the buyer.  That is the lowest loan option there is beside the VA loan for military buyers.

3.  Sales Price
The sales price in San Diego is up considerably from the past years – our sales price limit is $627,750!

4.  Single family, townhomes, and condos
Everything goes!  Just no commercial or multiple units, but you’re buying your first home anyways, so no worries!

5.  Low to Moderate Income Families
You must meet the income requirements for you county.  See what they are here

6.  An Approved Lender Requirement
The lender you get your loan with must be approved to do a downpayment assistance program

If you or anyone you know would like to see if you can use this program to buy your first home, contact the San Diego Real Estate Cafe Crew at [email protected]