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SDHG First Time Home Owner Grant Funds

The State of California and The San Diego Housing Commission has enacted Grant programs the help first time home buyers.  Funds are available on a first come, first served basis. Certain income eligibility requirements must be met in order to qualify for San Diego Housing Assistance Programs.

Nine steps to buying a home

  1. Figure out how much you can afford
  2. Know your rights
  3. Shop for a loan
  4. Learn about homebuying programs
  5. Shop for a home
  6. Make an offer
  7. Get a home inspection
  8. Shop for homeowners insurance
  9. Sign papers

The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

Step 1: Figure out how much you can afford

What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.

  How much home can you afford?
  Buying vs. Renting
  Home Economics

Need help with your downpayment and/or closing costs?

  Homebuying programs in your state

Step 2: Know your rights

  Fair Housing: Equal Opportunity for All
  Borrower's rights
  Predatory lending

Step 3: Shop for a loan

Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.

  Mortgage Terms and Definitions
  Let FHA help you
  Learn about interest only loans
  Mortgage Services of America

Step 4: Learn about homebuying programs

  Homebuying programs in your state

FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.

  Let FHA help you
  HUD's special homebuying programs
  Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
  Homeownership for public housing residents
  Indian Home Loan Guarantee Program (Section 184)

Step 5: Shop for a home

  Wish list Print and Fill Out - what features do you want?
  Home-shopping checklist – take this list with you when comparing homes

If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.

Step 6: Make an offer

Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.

Step 7: Get a home inspection

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

  For Your Protection Get a Home Inspection
  10 Questions to ask a home inspector

Step 8: Shop for homeowners insurance

Lenders require that you have homeowners insurance. Be sure to shop around.

Step 9: Sign papers

You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!


Copyright 2009