Regarding the SDHC Program, I will give you a link showing there are funds available:
but believe me the waiting list of borrowers is very long, and qualifying is very difficult. I have a client who has been waiting for over 18 months. If you'd like further information regarding any the above loan programs, don't hesitate to contact me.
Best of Luck!
Contact me for further assistance.
You really have to look up each locale where you want to buy, and call them to see if there is money available. They get grant money, and when it's gone, it's gone until the next time they get funded. The San Diego Housing Commission facilitates HUD programs for the City of San Diego, so if you're buying in East County or elsewhere, you may need to look for other grant money.
You can call or email me, and I'll be happy to send you some website links I have, and even some lenders that have worked with these programs.
All of these down payment and closing costs loans requires no monthly payment and are deferred for 30yrs, some loans acrues interest and other share in future profit.
These programs have no impact on your interest rate on the 1st loan, that is just a ploy to direct you away from the benefits of these programs either because the lender you are working with is not "AUTHORIZED' or knowledgeable about the programs. They are great programs.
Call me Andy 619-9715574
I recommend that you go to the http://www.irs.gov website for information on the first-time homebuyer credit and to the http://www.ca.gov. As to your loan rate, it could change if variable, but if fixed rate, it should stay the same for the life of the loan.
Check out this recent blog post for down payment assistance programs. There are Fannie Mae loans available with only 3% through HomePath program. There are others through CalHFA. See link.
I looked and it does not say if the program is still in effect or not, the last information showed funds available as of January 2010, which is not very helpful. You may want to contact them directly to get more information. When you are ready for your mortgage, give me a call.