If you have been dreaming of buying a home in San Diego County but are struggling to come up with a down payment, you need to keep reading; you may be interested in the Dream For All Shared Appreciation Loan.
I shared this on my social media yesterday and got an overwhelming response! So I knew I had to share it with all of you.
San Diego County’s real estate market has been strong in recent years, with prices steadily rising. The average home sales price in San Diego County for February 2023 was $954,692, 32% higher than in February 2020, when the average sales price was $717,849!
So CalHFA developed the Dream For All Shared Appreciation Loan, a unique program that helps qualified homebuyers to purchase a home with no down payment.
The loan will cover up to 20% of the home’s purchase price, and you won’t have to make any payments on that loan until you sell your home or refinance your mortgage.
When you sell your home or refinance your mortgage, you’ll need to pay back the loan without interest plus 20% of the appreciation in the house’s value. If your home has increased in value since you bought it, you’ll need to pay back more than you borrowed, which is still a fantastic deal!
Here it goes in numbers. If you buy a $500,000 home, CalFHA will put $100,000 down for you, and you will get a loan for $400,000. Once you sell your home, you will pay $100,000 back to CalHFA. But let’s say your house is worth $600,000 when you sell; then you will also pay 20% of the appreciation, which in this case would be $20,000.
I know it may be unclear, so respond to this email to schedule a phone call to review this information.
To be eligible in San Diego County, you must make up to $211,000 per year, have a credit score of at least 620, and have not owned a home in the last 36 months.
The only trick is that this fund has a limit, and with so many Californians wanting to buy a house, they will run out very quickly. It may take days or weeks, but I know it will be quick. So, email me today to get this started.
And if this program is not for you, but you have a friend, cousin, or kid, who could use it, send them this email; I know they will be thankful for the information.
