Down Payment Assistance

DOWN-PAYMENT ASSISTANCE PROGRAMS

Downpayment and Closing Cost Assistance (DCCA) Program

DCCA refers to a loan (actually a combination of two loans) of up to $80,000 from the County of San Diego, to help the first-time homebuyer raise cash for their down payment and/or closing costs. The loan is secured by two Notes and two Deeds of Trust, and requires one balloon payment of principal plus 3% simple interest. The payback is deferred until the first mortgage is paid-off (due to sale or refinance), or the home owner moves from the property.

DCCA Loan Amounts and Jurisdictional Areas:

$80,000 at 3% interest = Unincorporated Areas

$70,000 at 7% interest = La Mesa (parts of...)

$45,000 at 3% interest = The Cities of: Coronado, Del Mar, Imperial Beach, Lemon Grove, Poway and Solana Beach.

Income Limits:

Max. Household Gross Annual Income Limits

Family of 1      $38,650 (as of 2/11/2005)
Family of 2      $44,150
Family of 3      $49,700
Family of 4      $55,200
Family of 5      $59,600
Family of 6      $64,050
Family of 7      $68,450
Family of 8      $72,850
or more

Maximum Purchase Price Limit: $422,750

Buyer Qualifications:

The home must be your principal residence.

You must contribute a minimum of one percent (1%) of the purchase price from your own funds.

You must not have owned a home within the last three years.

You must complete a Homebuyer Education class.

Your annual household income plus assets must not exceed the limits listed above.

You must receive the Maximum loan that you qualify for from an "Approved" DCCA Lender.

Loan Terms:

No Monthly Payments are required from the buyer.

The Interest is accrued, annually, at 3% simple interest. (7% simple interest in La Mesa).

Repayment is deferred until the borrower refinances (except a FHA Streamline), sells, pays off the first mortgage, or no longer occupies the property. The Repayment will be one payment of original principle loan amount plus any accrued interest.

Prohibited loans and terms: No Neg-Am, No Stated Income, No ARM - where Rate changes within first 3 years, No Interest-Only - where Rate changes within first 5 years.

As these programs change on a continual basis, please call or email us for more current information. Please click here to get started or want more information on this program: DCCA Program