April 13, 2024

County Program Helps First-Time Home Buyers with Low-Interest Loans, Deferred Payments

House for sale in La Mesa. Photo by Chris Stone
House for sale in La Mesa. Photo by Chris Stone

If home ownership seems out of reach with the cost of housing in San Diego, there are programs to help.

One, San Diego County’s Down Payment and Closing Cost Assistance Program, helps first-time home buyers whose income is 80% or less than the annual area median income.

That ranges from $77,200 or less for a single adult, to $110,250 for a family of four and $145,550 for a family of eight. 

The program offers low-interest loans with deferred payments. The loans may be as much as 22 percent of the sales price for the down payment and up to $10,000 for closing costs. 

“Buying a home in San Diego is a huge challenge to many families,” said David Estrella, the county’s director of housing and community development services. “We want them to know they’re not alone and encourage them to apply for this life-changing program.”  

The loan can be used to buy new or re-sale homes, including single-family, condominium, townhome and manufactured homes on a permanent foundation. The purchase price may not exceed $676,000, subject to periodic adjustments. 

The homes must be in the unincorporated area of San Diego County or in the cities of Carlsbad, Coronado, Del Mar, Encinitas, Imperial Beach, La Mesa, Lemon Grove, Poway, San Marcos, Santee, Solana Beach or Vista. 

The county has partnered with the San Diego Housing Commission to administer the program.

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