According to the San Diego Housing Commission guidelines, a “first-time homebuyer” is generally defined as a person who has not owned a home within the last three years. This includes property owned in other countries. There are some specific exceptions for individuals like displaced homemakers or single parents who may have previously owned a home with a spouse.

Area Median Income (AMI) is a key statistic published annually by the U.S. Department of Housing and Urban Development (HUD) for the San Diego metropolitan area. The assistance programs use a percentage of this figure (e.g., 80%, 120%, 150%) to set the maximum income limits for eligibility, adjusted for the number of people in your household. We use the official SDHC income charts to determine which bracket you fall into.

It depends on the program and type of assistance. Most of the down payment help comes in the form of a deferred-payment loan. This means you don’t make any monthly payments for up to 30 years. The loan is typically repaid when you sell the home, refinance, or at the end of the 30-year term. Some closing cost assistance is structured as a grant, which can be completely forgiven if you live in the home as your primary residence for a set period, often 3 years.

The minimum FICO credit score for most of these programs is 640. However, some programs, particularly those for middle-income buyers or those with higher debt-to-income ratios, may require a higher score, such as 720, to qualify for the maximum flexibility.

Yes, all SDHC programs require applicants (and any non-borrowing spouse) to complete both a Homebuyer Education class and a Pre-Purchase Counseling session from an SDHC-approved provider. These are two separate requirements. We can help you find a list of approved providers and get these scheduled as part of the process.

Each program has specific geographic boundaries. For example, the City of San Diego programs are restricted to properties with ZIP codes beginning in 921. The County programs are for homes in unincorporated areas and a list of specific participating cities like Poway, La Mesa, and Vista. The Chula Vista and El Cajon programs are exclusive to homes within those city limits. Part of our service is ensuring the home you love is in an eligible area for the program you qualify for.