Down Payment Assistance Now Available
Saving 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!
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).
- 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.