Down Payment Assistance Available Now
Saving for a down payment is often the most challenging part of buying your first home. To help with that, the City of Chula Vista is offering a loan program which can provide up to $70,000 toward the down payment and/or closing costs on a home. This program can be used to lower your monthly payment or qualify for a higher purchase price. The best part? Payments are deferred for 30 years!
To qualify for this program, applicants must:
- Be a first time home buyer (meaning you have not owned a home in the last 3 years).
- Purchase a property within the city limits of Chula Vista.
- Occupy the purchased property as a primary residence.
- Purchase a single-family residence: detached, town home, or condo.
- Qualify for a first mortgage.
- Have a combined annual household income below 80% of the Area Median Income.
- 3% simple interest.
- Borrower must contribute a minimum of 2% of the total purchase price.
- 30 year term with payments deferred for the life of the loan.
- Balance of principle and interest due in full upon sale of property or at the end of 30 years.
Subject to lender approval. Other restrictions apply.