San Diego Down Payment Assistance
In San Diego many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. With San Diego Home prices at all time highs, saving enough for a down payment can be a challenge. Not many San Diegan’s know that there are Numerous San Diego down payment assistance programs available. However, a recent survey by Sparks Research shows that 20% of first-time home buyers cite a lack of financial education as a barrier to home ownership.
This is definitely understandable. If you don’t feel comfortable with the home lending process of buying a home, it’s hard to make a confident decision. In fact, four in five home buyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important. On top of that, the same survey reports over two-thirds of prospective home buyers believe they’ll need assistance to save enough for a down payment.
Down Payment Assistance Facts
The great news for home buyers is that down payment assistance is still available, with many program providers offering online and virtual support/education. With an average benefit of over $12,000, these programs can help make the difference in attaining home ownership when San Diego home buyers are facing fierce competition.
What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers.
If you are considering buying a home in San Diego, don’t leave money on the table. Down Payment Assistance Programs are not only for first-time home buyer, so it’s worth exploring your options no matter where you are in your home ownership journey. For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”
If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach too. If you’re interested in learning more about down payment assistance programs, additional information is available us by filling in your information below. As your trusted real estate advisor, we can help you decide which option is best for you.
Thanks to a range of down payment assistance programs, affordable options are out there for today’s hopeful home buyers. It’s important to get the financial education you need to understand the home buying process and accomplish your real estate goals. Let’s connect today to get you started on the path to your dream home.
Three Myths About Down Payment Assistance
Being able to make a down payment is one of the keys to becoming a San Diego home owner. Unfortunately, there are many misconceptions regarding down payments and down payment assistance programs. So many San Diegans don’t realize that they are capable of making a purchase. With that in mind, let’s debunk some common down payment myths below. Keep reading to learn what’s true and what’s a fallacy.
- Myth #1 – Most San Diego home buyers think that using a down payment program will hurt their ability to compete with other home buyers. Just the opposite is true, since several of these programs cover closing costs, and other fees that most other buyers ask sellers to pay. Lastly, since nearly all down payment programs require home buyer education, the buyers are more knowledgeable about the home buying process and are better equipped to make a buying decision!
- Myth #2 – Many home buyers think down payment assistance is only for first-time buyers. Many programs don’t have a first-time home buyer requirement! Also, previous home owners who haven’t owned a home for at least three years can qualify as a first-time home buyer.
- Myth #3: – You need to put 20% down. For years, putting 20% down was considered the golden rule in real estate. However, fortunately, that is no longer the case. These days, most loan programs require a minimal down payment.
Free Assistance In Finding The Right Program For You
We could post endless links to government websites where you can learn about many of the programs, yet when you choose our team to help you with the home buying process, we can quickly cut through all of the government red tape and get you quick answers. Here are a few links to a couple of government websites that offer down payment assistance.
Housing and Community Development Services
The San Diego Housing Commission
Down-Payment Assistance Program for San Diego Police Officers
GSFA Platinum® — Down Payment Assistance Program