DCCA Down Payment Closing Cost Assistance

Funded

Updated: 11/05/2012

 

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FAQ Page - Max Assistance Maximum Assistance

Maximum Assistance DP CC MBC
FAQ -Page - How Funds Can Be Used FAQ -Page - How Funds Can Be Used FAQ Page - The Buyer Has A Minimum Amount That He Must Input
70,000
Y Y 1%
Two Programs 35,000 + 35,000
Maximum 33% of Purchase Price


FAQ Page - Who Is Eligible For This Program Who Is Eligible For Program

Targeted AreasNSD

Type Of Buyer Income FAQ Page - How Income Works
First Time Buyer 80%
Previous Owner 80%
Displaced Homemaker NSD
Current Homeowner NSD
High Income NSD
NSD = No Specific Designation

 

FAQ Page - Maximum Purchase Price Maximum Purchase Price

Type Non Targeted Targeted
FAQ House No Bevel
Re-Sale 451,250 N/A
New-Const 451,250 N/A

 

FAQ Page Debt To Income Debt To Income Ratios.

Front End Back End
Min Max Max
.30 .38 .45

 

FAQ Page - Program Method Program Method

Program Method FICO
FAQ Page FICO
Repay
FAQ Page Payment Required
Silent Second N/A Yes


FAQ House No Bevel Escrow Period

Minimum: 75 days
Recommend: 90 days

FAQ Page Seller Affidavit Seller Affidavit RequiredArrow

Yes

FAQ Page HQS HQS Inspection Required Example of the DCCA HQS report.

Yes.

FAQ Page Maximum Assets Maximum Asset Test

25,000

FAQ Page Eligible Lender List Eligible Lender List?

No.  But MCC is required if available and MCC has a lender list

FAQ Page HBE Buyer HBE Cert Required

Yes. 8 Hour HUD Cert. (Call for class info).

FAQ Page Pre-Escrow Reservations Pre-Escrow Reservations

No

FAQ Page Buyer Charged A Fee? Buyer Charged A Fee?

No (*But MCC required if available and MCC Charges a .002 of PP Fee)


 

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Learn How To Use The True Mortgage Calculator
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Buyers:  Get A higher Purchase Price With Less Down & A Lower Payment

  • The total gross annual income of the entire household must not exceed 80% of the San Diego County Area Median Income (AMI).
  • You must be a First Time Homebuyer, OR
  • a Previous Homeowners who have not owned (or been on title to a home) a home in the last three years.
  • You must occupy the property as your primary place of residence.
  • You must contribute a minimum of one percent (1%) of the purchase price from your own funds. While you are allowed to receive funds from a family member as a gift, these funds will not count towards the 1% of your own money that must be sourced from your own income.
  • You must complete a HUD Approved Home-buyer Education class. Call 1-877-696-7373, ext. 777, for upcoming classes.
  • You must receive the maximum first mortgage loan for which you qualify. DCCA loan cannot exceed 33% of total purchase price.
  • You must also apply for a County of San Diego Mortgage Credit Certificate (MCC), if MCC’s are available, except when the purchase is also financed with assistance from the California Housing and Finance Agency.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Property Guidelines

  • The property must be located within the DCCA jurisdictional boundaries.
  • The property may be New or Resale: single-family detached unit, condominium, townhouse or a manufactured home on a permanent foundation.
  • The purchase price and the appraised value of the property may not exceed $451,250, subject to periodic updates.
  • The property must be vacant or occupied by the seller/owner, or the DCCA applicant; and must not have been vacated by the previous renters within the last 30 days.
  • The property must be free from any health & safety defects and Lead-based paint hazards. Prior to final loan approval, a Housing Quality Standards (HQS) inspection will be conducted by county staff to verify condition of property. Proof of initial building permit or issuance of a
    Certificate of Occupancy must be provided.
  • Occupancy Ratio: No more than 2 people per living space (living space includes bedrooms, living
    room, family room, den/study).
  • You must obtain flood insurance – if the property is located in a flood plain.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Areas Served

  • Up to $35,000 + 35,000 (two seperate programs that can total 70,000 in assistance) but with a combined maximum of 33% of the purchase price, at 3% simple interest in the Unincorporated Areas of the County of San Diego and the cities of: Coronado, Del Mar, Imperial Beach, Lemon Grove, Poway, and Solana Beach.
  • Additioanlly, from another source of funds (If available). Up to $35,000 or 33% of the purchase price, which ever is smaller, at 3% simple interest in the Unincorporated Areas of the County of San Diego and the cities of: Coronado, Del Mar, Imperial Beach, Lemon Grove, Poway, and Solana Beach.
  • Combined there is the possibility of up to 70,000 dollars of DAP Assistance. Look in the upper left corner of this page to see if either, both or none of the programs have funding.  This is indicated by making each 35,000 either green = has funding or red = has no funding.
    REMEMBER. FUNDING IS ON A FIRST COME FIRST SERVE BASIS AND CHANGES ON A DAILY BASIS. ALWAYS CHECK THE LEVEL OF FUNDING PRIOR TO MAKING AN OFFER. RECHECK THE LEVEL OF FUNDING PRIOR TO REMOVING YOUR CONTINGENCIES!

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Loan Terms

  • Maximum DCCA Loan amount of up to $35,000 or 33% of the purchase price, which ever is smaller.
  • No monthly payments are required.
  • The interest is accrued annually at 3% simple interest, per year.
  • Repayment is deferred until the borrower refinances (except a FHA Streamline), sells, pays off
    the first mortgage, or no longer occupies the property as their primary residence. The loan
    repayment will be one payment of the original principle loan amount plus any accrued interest.
  • Prohibited loans and terms: Negative–Amortization; Stated Income; Adjustable Rate Mortgage (ARM)
    – when ARM Rate changes within the first 3 years; Interest-only loans; and, if the Front-End ratio
    is below 30% or over 38% or the Back-End ratio is over 45%.

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Issues That Cause Escrow To Fail

Like all transactions there are many reasons why a FTHB transaction can fail. But listed below are the most common;

  • Are un-permitted additions allowed? No.
  • Are un-permitted conversions allowed (like a garage conversion)? No
  • Is a section 1 termite clearance required? No
  • Is a home warranty required? No
  • Are there funds available for the program you are applying for?
  • If so, are the enough funds available that there will still be funds by the time your file is reviewed?
  • Does your household income exceed the maximum amount allowed for this program for ALL PEOPLE living and working in your house?
  • Is the buyer allowed to make any repairs out of their own funds to correct issues called out on the appraisal or by the program? No. This is important because if the house is in a condition that either entities will call out repairs, and the seller is not willing to correct the issues, then the transaction will fail.
  • Is the lender required to be on an approved list? Yes

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

Homeowners:  This Program Can Help You Sell Your House For More

Homeowners frequently overlook First Time Home Buyer Programs (FTHB’s) and Down-payment Assistance Programs (DAP’s) when they are interviewing real estate agents for the listing of their home. But when you look at the facts, it is undeniable that the seller who caters to these buyers will almost always sell their home for a higher price than those who don’t. Let’s review

  • Have you ever wondered how to know if your getting the best possible price for your property? There are really two overriding factors which will determine if you maximized the potential in the sale of your home.
    • It is an accepted fact that the more people that walk through your house to look at it, the higher the price it will sell at. Think about it. If ten people walk through your home, perhaps 1 will hate it, 2 will not like it very much, 4 will think it is okay, 2 will like it and 1 will think it is the most awesome house that they have ever seen. Obviously the one that thinks it is the most awesome house ever would be the one that wanted to make the highest offer. You need to get enough people to walk through your house to make sure that you get the highest possible offers.
    • What is the maximum amount the buyer is allowed to offer? Now that you got enough people to walk through the property and have several really interested buyers. how much you get will depend directly on how much of a loan they are qualified for.
  • First Time Home Buyers are the largest single segment of buyers. It is in your interest to lure them in for a look.
  • What better way to lure them in than with
    • Custom signage that says that Down-payment Assistance may be available to them to help the purchase your home.
    • That your listing agent is an expert in these programs and will waive his consultation fees for any buyer who makes on offer on your home.
    • That your listing agent is an expert and can help the buyers agent write the offer is a way that it will conform to the program guidelines.
  • Now that they are interested, you can maximize the amount that they can offer you because we will help them qualify for any down-payment assistance that is available. We have helped buyers increase the amount the qualify for by up to 90,000 dollars. This is no sales pitch, review our comments on this website and also look at our Facebook page to see real comments by real buyers and sellers who have used these programs to maximize there transactions. At the bottom of this page you will find links to our customer comments and a link to our Facebook page.

At Gardnier Inc, we have beautiful, High Quality For Sale and Down-payment Assistance Signs that add to instead of detract from the curb appeal of your home. Additionally we have extremely high quality brochures printed and placed into the sign box on the post. The back of these brochures is dedicated to telling the buyers how we will waive our fees and help them qualify for these amazing programs if they make an offer on your home. Think about it, their payment can be as much as 700 dollars a month less if they buyer your house instead of your neighbors who used a different agent. Not only does it work, it is a Win-Win for everyone!

 

Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

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Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

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Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section

Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com

 

How To Get Down Payment Assistance Programs Bevel 2Learn How To Use The True Mortgage CalculatorCheck Out All Of The Topics In The Video Library Use the True Mortgae Calculator for complete payment

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