Financing in 92078>Question Details

Evanika11, Home Buyer in 92078

Any lenders out there familiar with San Marcos, CA down payment assistance programs?

Asked by Evanika11, 92078 Sun Mar 20, 2011

Hello there -- I'm trying to find information about San Marcos, CA down payment assistance programs. We are going to be first time homebuyers, and I know that San Marcos had a good DPAP. Last I heard, the city was out of money for programs designed to help moderate income families. Can anyone tell me if those programs will be refunded, or if there are any other programs to help people such as my family? Thanks!

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Richard Littlefield’s answer
Most of those programs seem to run through CALHFA, basically it is a silent 2nd and you need 1/2% down. So some cities are signed up with CALHFA to offer it, we can go around and go straight to CalHFA. Anyway I find this is the case most of the time.

However as Raymondo put it the USDA loan would be better and there are a lot of areas that qualify there. This is a true zero down loan.

The company I work for WCS Lending, is one of the largest direct lenders for the USDA program. The mortgages are much less expesnive. If the property qualifies and you meet the income requirements, it is clearly a much better option.

Rich Littlefield
949-930-1210
WCS Lending
NMLS 287206
0 votes Thank Flag Link Mon Jun 24, 2013
Hello Evanika,

As one of the Loan Officers stated earlier, these programs are highly sought after, but the waiting is long and getting longer. As an alternative the USDA Rural Development Loan is great option if you would consider buying in a different area. See link for available areas:

USDA Official Website:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…
Income Limits: http://www.rurdev.usda.gov/ca/pdf%20files%20and%20documents/…

I am closing 4-5 of these a month due to simple fact that people can surely make a payment, but it hard to save up a large down payment in this economic climate and the RDL offers a true $0 Down Payment home loan with monthly mortgage insurance which can save thousands over the life of the loan. Another possible program that we offer is the CHF Platinum Program:

http://www.chfloan.org/Programs/Platinum/CHF_Platinum.html

Although these programs have income limits, so do most of the DPAPs. The CHF Program offers a 3% Grant that can be used towards your down payment or your closing costs. If used for your down and you got the seller to pay for your closing costs, you would only need 1/2 of 1% to contribute for your down payment. That's awesome!

Good Luck,

George Raymondo
1 vote Thank Flag Link Tue Mar 22, 2011
The City of San Marcos is currently out of Funds for moderate income home buyers. The only north county city with 120ami (mod income) funds available is Escondido (HOME Program). The State of California has a program CalHFA CHDAP that is useful anywhere in the state as well which covers moderate income. Typically these programs run on a fiscal year ending June 30 and get new funds between July and September of each year.
0 votes Thank Flag Link Wed Mar 23, 2011
Once again we are vested heavily in the San Marcos Real Esttate Market and have been for three decades. We do it all from beginning to end be it acquisition (purchase), rehab construction, resale, buy/hold, to the actual financing of the construction thru to the final (take out) long term financing. We have the solution.
0 votes Thank Flag Link Mon Mar 21, 2011
To expand on my initial post and maybe better answer your question:

The city funded DPAP's are fantastic programs. You're getting 20% or more and all payments are deferred. How much better can it get? Although most municipalities require a minimum 3% borrower contribution.

Because they are so generous, these programs are in high demand and the funds dry up quick. Add to it, the state-wide budget crisis and I don't see many cities allocating funds away from other programs, to help homebuyers. Call the City of San Marcos, they'll tell you what their forecast on funds availability is. If it's anything like Costa Mesa, they'll say "Not in the near future".

If you're hot to buy and have 3% for a DP, you can get an FHA loan with 3.5%.

If you don't have 3%, then you couldn't get the cities DPAP program anyways, so your only option is an FHA DPAP program like ours or buying in an area defined as Rural by USDA and getting a USDA 100% financing loan.

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0 votes Thank Flag Link Mon Mar 21, 2011
Evanika - I (Prime Lending) am approved with City of San Marcos DPA. I can give you an update on their guidelines and funds status right now. I have two transactions I am doing with them rigt now. Giv eme a call anytime.

Howard Schwartz
Primelending - San Diego
619-992-2570
0 votes Thank Flag Link Mon Mar 21, 2011
Give us a call. We do it all. From acquisition to rehab to resale and finance. We are an RE broker, General Contractor rehab specialist and lender all rolled into one tightly wrapped packege. Our target model is 1 to 4 unit residential single detached or multi-unit entry level properties from 250 to 399k.
0 votes Thank Flag Link Sun Mar 20, 2011
Hello Evanika11,

We offer a DPAP program that can be used in San Marcos or anywhere in California. It's an FHA Down Payment Assistance Program that assists with up to 3% of the purchase price toward an FHA 30 year fixed loan. Minimum borrower contribution is 1/2% of purchase price, plus appraisal and home inspection fees. Seller can credit for other closing costs. The DPAP funds can be used to cover closing costs or towards the 3.5% down payment. Income limits apply and vary by county.

And this program can be used to purchase any property that can otherwise qualify for FHA financing (ie: good condition, has a stove, closets, if condo; the tract is FHA approved, etc..).

Give me a call or email, to see if this program would work for you.

Best Regards,

Steven
0 votes Thank Flag Link Sun Mar 20, 2011
Here's the link.....Call the contact number and see if and when the funds will be available.

http://www.ci.san-marcos.ca.us/index.aspx?page=67
0 votes Thank Flag Link Sun Mar 20, 2011
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