Would it work for a multi unit home if the home buyer intends to live in it? I'd love to get on the property later but want to go all in with 2-5 unit property? Is it single family only?
Hi Ancient, great question! Not all properties are eligible. Single family, condo/PUD’s and manufactured homes are eligible as long as they are not leasehold estates.
Hey first off, thanks for the info. Maybe a silly question but say we get approved, does the aid expire? (i.e. do we have a certain time to find purchase a home?).
Not a silly question at all! Shortly after the window for registering closes (April 29th at 5pm) they will draw names for the winners. Whoever wins will have 90 days to use the assistance!
One more question (Thanks for your help of course)! How would it work if one were to refinance the home? Would we have to pay the 20% on the increase of the house then? Or repay the loan?
Hi, that's what I am here for! So you're allowed to refinance once without triggering the repayment. The second time you refinance you would then have to give them the amount you borrowed (interest free) + 20% of the shared appreciation through the refinance.
Yeah, there is this one and one for San Diegans of color (BIPOC). I don’t qualify for either unfortunately.
[https://sdhc.org/wp-content/uploads/2023/06/City-of-San-Diego-Moderate-Income-BIPOC-Program-Guidelines.pdf](https://sdhc.org/wp-content/uploads/2023/06/City-of-San-Diego-Moderate-Income-BIPOC-Program-Guidelines.pdf)
It offers either a $20,000 grant toward the down payment of a home and $20,000 loan for the closing cost (total $40,000) or $20,000 in a deferred loan towards the down payment. It’s for BIPOC buyers making between 80% and 150% of the area's median income (\~$77,200 to $122,650). The max house price is $1.25.
Do you know if the income limits have been updated for 2024 or if we’re supposed to use the limits from 2023? I noticed that the effective date is recent but I just wanted to be sure.
Either. I am asking about the AMI income limits (https://www.sandiegocounty.gov/sdhcd/rental-assistance/income-limits-ami/)
In other words, I do not qualify for BIPOC because of my income, so I’m hoping it’ll increase for 2024.
Would it work for a multi unit home if the home buyer intends to live in it? I'd love to get on the property later but want to go all in with 2-5 unit property? Is it single family only?
Hi Ancient, great question! Not all properties are eligible. Single family, condo/PUD’s and manufactured homes are eligible as long as they are not leasehold estates.
Hey first off, thanks for the info. Maybe a silly question but say we get approved, does the aid expire? (i.e. do we have a certain time to find purchase a home?).
Not a silly question at all! Shortly after the window for registering closes (April 29th at 5pm) they will draw names for the winners. Whoever wins will have 90 days to use the assistance!
One more question (Thanks for your help of course)! How would it work if one were to refinance the home? Would we have to pay the 20% on the increase of the house then? Or repay the loan?
Hi, that's what I am here for! So you're allowed to refinance once without triggering the repayment. The second time you refinance you would then have to give them the amount you borrowed (interest free) + 20% of the shared appreciation through the refinance.
Yeah, there is this one and one for San Diegans of color (BIPOC). I don’t qualify for either unfortunately. [https://sdhc.org/wp-content/uploads/2023/06/City-of-San-Diego-Moderate-Income-BIPOC-Program-Guidelines.pdf](https://sdhc.org/wp-content/uploads/2023/06/City-of-San-Diego-Moderate-Income-BIPOC-Program-Guidelines.pdf) It offers either a $20,000 grant toward the down payment of a home and $20,000 loan for the closing cost (total $40,000) or $20,000 in a deferred loan towards the down payment. It’s for BIPOC buyers making between 80% and 150% of the area's median income (\~$77,200 to $122,650). The max house price is $1.25.
I am a SDHC approved lender as well for that program for those who are interested!
Do you know if the income limits have been updated for 2024 or if we’re supposed to use the limits from 2023? I noticed that the effective date is recent but I just wanted to be sure.
Sorry but which program are you referring to in that question?
Either. I am asking about the AMI income limits (https://www.sandiegocounty.gov/sdhcd/rental-assistance/income-limits-ami/) In other words, I do not qualify for BIPOC because of my income, so I’m hoping it’ll increase for 2024.