Down Payment Assistance Now Available

National CitySaving for a down payment is often the most challenging part of buying your first home. To help with that, the City of National City is providing loans of up to $70,000 to qualifying borrowers. 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!

Eligibility

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 National City.
  • Occupy the purchased property as a primary residence.
  • Purchase a single-family residence (1 unit): detached, condo, or Planned Unit Development.
  • Qualify for a first mortgage.
  • Have a minimum credit score of 640.
  • Have a combined annual household income above 60% and below 80% of the Area Median Income (see chart below for income limits).
San Diego County AMI Chart
Source: HUD Exchange – Home Income Limits

Loan Details

  • 3% simple interest.
  • Borrower must contribute a minimum of 3% 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.

Give us a call to learn more at 1-888-983-2344!

How to Apply

Please contact one of our Certified Lender Partners to get pre-qualified for a 1st mortgage.
Our certified Lender Partner will assess eligibility for the City down payment assistance loan and pre-qualify both loans.
Give us a call for more information at 888-983-2344 or email us at NationalCityDPA@springboard.org.

Home Buyer Education

Purchasing a home is the largest financial decision most people will ever make, so it’s important to understand the process. Springboard Home Loans encourages all our clients to take a home buyer class before they set out on the road to homeownership. Being well informed will help you make good decisions when purchasing your home. It’s important to know the process and have the tools to plan ahead so you can manage your finances and be a successful homeowner. Home buyer education workshops are provided by credit.org. The HUD approved course may qualify you for down payment and closing cost assistance programs for first-time home buyers.

The course will give you an in-depth look at:

  • Preparing for homeownership
  • Managing your money
  • Understanding the importance of credit
  • Qualifying for a mortgage
  • Shopping for a home
  • Available down payment and closing costs programs
  • Protecting your investment

Get Started Today!

In-person Home Buyer Classes are
offered in the San Diego area.

Register for a Class

Online Home Buyer Classes are also
available for your convenience.

Take Online Class