75% For You and
25% For Us =
100% Purchase
75% of the Loan is paid by You and
25% of the Loan is Paid by Us
This Equals 100% Purchase.

(1) OUR DOWNTOWN SAN DIEGO PURCHASES:

  • A Program that assist First-Time Home Buyers,
  • The buyer can earn 120% of their local Area Median Income (AMI),
  • The home must be a purchase in Downtown San Diego,
  • The help is provided in a 2nd Trust Deed, not to exceed $75,000,
  • The loan is for 30-Years at a Zero Percent Interest and has no monthly payment for the First 5-Years.
  • These homes and/or condos must be purchased in the Centre of the City.
  • Are you planning on purchasing downtown then you need to talk to us!

(2) OUR SHARED APPRECIATION PROGRAM:

  • A Program that assist First-Time Home Buyers,
  • The buyer can us only 80% or even less of their Area Median Income (AMI),
  • The home must be a purchase in the City of San Diego,
  • We will provide a Silent 2nd Trust Deed for 25% not to exceed $70,000 whichever is less,
  • No Monthly Payments of Principal and Interest are required.
  • This is great for Condo's that do not exceed $280,749,
  • Our investors help to provide you with the housing you need without taking the Commission out of you.
  • If you decide to share your future earned equity with us we will guarantee a portion of your purchase to be paid by us, just to help you to get into to the home that you want and you don't have to pay us back until you sell or refinance, you could have homeownership and all the benefits that come along with it and be able to live in your home as long as you like.

GUIDELINE REQUIREMENTS:

  • Property owners, business owners, tenants and/or lessees with written authorization of the property owner, may be eligible to participate in the program. However, the following types of projects are specifically excluded:

  • New Construction

  • National Franchises

  • Government offices and Agencies

  • Properties entirely in residential use

  • Projects that are inconsistent with our goals or that we do not see profitable growth will not be accepted by us.

FOCUS AREAS:

  • Our focus areas are properties that are located Downtown.

  • Downtown First-Time Homebuyer Program is to help people realize the dream of homeownership.

  • The Program provides financing, in the form of a second trust deed loan, to enable moderate-income, first-time homebuyers to purchase their primary residence in downtown.

  • Qualified buyers can obtain a maximum $75,000, 30-year, zero-interest loan, with no payments for the first five years. The Program is intended for the purchase of downtown homes with prices up to the mid-$200,000s.

  • ELIGIBILITY:

  • Household income at or below 120 percent of area median:

    Family Size Maximum Household Income

  • 1 Person $53,250

  • 2 Person $60,900

  • 3 Person $68,500

  • 4 Person $76,100

  • 5 Person $82,200

FIRST-TIME BUYERS:

  • First-time homebuyer means that you have had no primary residence owned in the last three years;

  • Applicants do not own any other real estate; and

  • Homebuyer provides minimum 3 percent downpayment plus closing costs.

TERMS:

  • 30-year, zero interest second trust deed loan up to $75,000;

  • No payments for the first five years;

  • Level, monthly principal payments start in year six;

  • Property must be owner occupied;

  • Upon sale, loan balance is paid and We share in the appreciation earned;

  • Share of appreciation is percentage of the loan to purchase price; and

  • Share of appreciation is reduced 50% after 30 years, expires after 45 years.

  • Qualifying Units:

  • Downtown property with a purchase price within the following range:

  • Studio Unit $145,000 to $235,000

  • One Bedroom Unit $150,000 to $250,000

  • Two Bedroom Unit $155,000 to $275,000

    AN EXAMPLE:

  • A homebuyer with a household of three earns $65,000 annually with our assistance

  • First trust deed household qualifies for $167,500

  • Minimum 3% down payment: $7,500

  • Maximum amount 2nd Mortgage paid by us is $75,000

  • Home purchase price $250,000 and is subject to change.

 

ABOUT YOU:
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E-mail Address  
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All offers, rates and programs are subject to change and are based on availability.
Only one offer can be valid per pre-approved borrower.

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Copyright © February 2, 2000.
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