THere are many first time buyer programs out there for you. There is also down payment assistant programs however you have to go to the city websites and see if there is money availiable. I can get you the links later today. My e-mail is jcelaya1@cox.net if you can e-mail me directly or give me a call 760-519-0954. I should have the links for you today. The minimum down payment is 3.5% on an FHA loan if you purchase aprox 190,000 your payment would be aprox 1200 lots of people are looking in South Temecula there you can find a home under 190,000 3 bed 2 bath built in 2000 or so.
Please contact me at the above e-mail we can work directly togther

There is a down payment assistance program available in San Marcos coming back that gives you 3% down. So you can get an FHA loan for 96.5% + that 3% DPA and only have to come up with .5%. It has been on hold for a while but should be available in June. Contact me with questions.

First, please consider if you are financially and credit ready to purchase. Even with government programs, you would have to provide sufficient assets and creditworthiness to qualify.

If you do not have reserves, it's best to work on increasing your assets while decreasing your debts. There are also nonprofits that provide downpayment assistance but those usually require the sellers' participation and the lender's approval.

You could also find a home that has a lease option to buy. You lease a property for a period of time with an option to buy at a specified price. You pay your rent (lease) payments and pay an additional payment that fits within your budget. All or a portion of that extra payment goes toward your down payment IF you choose to buy. If not, you walk away but without your extra payments. It is a method to get into a home without a down payment and lock in the price before the market goes up. Some owners will also give you credit for sweat equity you put into the house. It could be a win win situation but you have to do your homework and study the lease carefully. I would also suggest you have a lawyer review it for your protection.

Hi,

http://www.ci.san-marcos.ca.us/departments.asp?id=5527

Check out the site above, it explains the City of San Marcos down payment assistance. I am an approved lender with most of the down payment assistance program and grant programs for home buyers across San Diego County. Generally you can get an FHA 30 year fixed mortgage and use the down payment assitance.

Rob
Sr. Loan Officer
rob@affinity-financial.com