• A Program that assist First-Time Home Buyers,
• The buyer can earn 120% of their local Area Median Income (AMI),
• The home must be a purchase in Downtown San Diego,
• The help is provided in a 2nd Trust Deed, not to exceed $75,000,
• The loan is for 30-Years at a Zero Percent Interest and has no monthly payment for the First 5-Years.
• These homes and/or condos must be purchased in the Centre of the City.
• Are you planning on purchasing downtown then you need to talk to us!

(2) OUR SHARED APPRECIATION PROGRAM:

GUIDELINE REQUIREMENTS:

• Property owners, business owners, tenants and/or lessees with written authorization of the property owner, may be eligible to participate in the program. However, the following types of projects are specifically excluded:

• New Construction

• National Franchises

• Government offices and Agencies

• Properties entirely in residential use

• Projects that are inconsistent with our goals or that we do not see profitable growth will not be accepted by us.

FOCUS AREAS:

• Our focus areas are properties that are located Downtown.

• Downtown First-Time Homebuyer Program is to help people realize the dream of homeownership.

• The Program provides financing, in the form of a second trust deed loan, to enable moderate-income, first-time homebuyers to purchase their primary residence in downtown.

• Qualified buyers can obtain a maximum $75,000, 30-year, zero-interest loan, with no payments for the first five years. The Program is intended for the purchase of downtown homes with prices up to the mid-$200,000s.

• ELIGIBILITY:

• Household income at or below 120 percent of area median:

  Family Size Maximum Household Income
  

• 1 Person $53,250
  

• 2 Person $60,900
  

• 3 Person $68,500
  

• 4 Person $76,100
  

• 5 Person $82,200

  
  

FIRST-TIME BUYERS:

• First-time homebuyer means that you have had no primary residence owned in the last three years;
  

• Applicants do not own any other real estate; and
  

• Homebuyer provides minimum 3 percent downpayment plus closing costs.
  

TERMS:

• 30-year, zero interest second trust deed loan up to $75,000;

• No payments for the first five years;

• Level, monthly principal payments start in year six;

• Property must be owner occupied;

• Upon sale, loan balance is paid and We share in the appreciation earned;

• Share of appreciation is percentage of the loan to purchase price; and

• Share of appreciation is reduced 50% after 30 years, expires after 45 years.

• Qualifying Units:

• Downtown property with a purchase price within the following range:

• Studio Unit $145,000 to $235,000

• One Bedroom Unit $150,000 to $250,000

• Two Bedroom Unit $155,000 to $275,000

  AN EXAMPLE:

• A homebuyer with a household of three earns $65,000 annually with our assistance

• First trust deed household qualifies for $167,500

• Minimum 3% down payment: $7,500

• Maximum amount 2nd Mortgage paid by us is $75,000

• Home purchase price $250,000 and is subject to change.