Here is a sampling of programs that are available to assist first-time home buyers:

  • Mortgage Credit Certificates (MCC)
    • Available throughout San Diego County
    • Lender applies to the program on behalf of buyer while the home is in escrow
    • Must go through an approved lender
    • 20% of mortgage interest becomes a tax credit on federal taxes
    • A tax credit helps the tax payer more that a tax deduction
    • This credit can be used during the year to increase take home pay
  • Downpayment Assistance Programs
    • Most programs are low income--80% of median area income
    • Usually a maximum purchase price or loan amount
    • Homebuyer education required
    • Lender must be enrolled in program
    • Loan repayment can take the form of shared equity
  • State First-Time Homebuyer Loans: CalHFA
    • Low monthly payments
    • Lower interest rates
    • Downpayment assistance--can be re-paid when home is sold
  • Centre City Development Corporation (CCDC) Downtown First Time Home Buyer Program
    • $75,000 loan
    • Shared appreciation provision for the full 30 year loan term
    • No interest and no monthly payments the first five years
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