Down Payment Assistance

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Options for Homebuyers

Options for Homebuyers

1. Loan Types

  • Conventional Loans: Typically require higher credit scores and down payments (3–20%), but offer competitive rates.
  • FHA Loans: Backed by the Federal Housing Administration; allow down payments as low as 3.5% and more flexible credit requirements.
  • VA Loans (for veterans and active duty): No down payment, no private mortgage insurance (PMI), and competitive rates.
  • USDA Loans (for rural areas): Zero down payment; income and location restrictions apply.

2. First-Time Buyer & Down Payment Assistance

  • CalHFA (California Housing Finance Agency):
    • CalHFA FHA/Conventional First Mortgage Loans
    • MyHome Assistance Program – up to 3.5% of the purchase price for down payment/closing costs 
    • ZIP (Zero Interest Program) – silent second loan for closing cost assistance
      https://www.calhfa.ca.gov/
  • Local City/County Programs: The City of San Diego and some of the counties offer their own down payment or closing cost programs. Check with local housing authorities.
  • WISH Program (Workforce Initiative Subsidy for Homeownership):
    Matched savings program through partner banks, offering up to $22,000 in down payment assistance.

3. Grants & Specialty Programs

  • GSFA OpenDoors – Provides down payment assistance (DPA) and is available to both first-time and repeat buyers.
  • Bank Programs – Some banks (e.g., Bank of America, Chase, Union Bank) offer grants for closing costs or down payments.
  • Community Seconds – Allows layering of multiple assistance programs.

4. Home Types & Purchase Options

  • Single-Family Homes
  • Condos and Townhomes
  • Manufactured Homes (must be on permanent foundation and approved by lender)
  • Multi-Unit Properties (2–4 units): Live in one unit, rent the others (can qualify for FHA or VA).

5. Ownership Strategies

  • First-Time Homebuyer: Can access the most grant/assistance programs.
  • Co-Buying: Buy with friends/family using a shared equity agreement.
  • Assumable Mortgages (VA/FHA): Take over a seller’s loan with a lower interest rate.

6. Tax Benefits

  • Mortgage Interest Deduction (if itemizing)
  • Property Tax Deduction
  • MCC (Mortgage Credit Certificate): Ongoing federal tax credit for a portion of interest paid on the mortgage (offered by some agencies).

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