3 Things to Know If a Down Payment Is Holding You Back

By Josh Painter

Josh Painter is a real estate broker, mortgage broker, and the author of the book Best Version Ever.

A lot of people think you need a huge down payment to buy a home in San Diego, and it’s one of the biggest myths I hear from buyers. The truth is, there are several programs designed to help people buy with much less out of pocket. Because I work as both a real estate agent and a mortgage lender, I help my clients navigate these options all the time. Here are three things you should know.

Some programs help with your down payment or closing costs. In some cases, it’s a deferred loan you don’t repay until you sell or refinance. In others, it’s totally forgiven after a certain amount of time. These down payment assistance programs come in several forms, and the right one depends on your situation.

“First-time buyer” probably includes more people than you think. Many of these programs are designed for first-time home buyers, but first-time doesn’t always mean what people assume. In most cases, it simply means you haven’t owned a home in the last three years. So even if you owned before, you might still qualify.

Income limits and guidelines do apply. These programs are built to help moderate-income buyers, so qualification depends on factors like household income, credit score, and the price of the home. That’s where it helps to look at your specific numbers rather than guess, especially if credit is part of the picture.

If saving for a down payment has been the thing holding you back, there may be options that can get you into a home sooner than you thought. If you’re curious about which programs you might qualify for here in San Diego, reach out, and I’ll walk you through your options and help you put together a game plan.

Call or text me at 951-265-3524, email me at josh@morethanjustarealestateagent.com, or visit training.morethanjustarealestateagent.com. I’d be glad to help you figure out your best path to homeownership.