If you’re looking for a way to make homeownership possible in Chula Vista, California, the Chula Vista First-Time Homebuyer Program is an amazing opportunity to explore. With rising home prices, programs like this can make a real difference for first-time buyers who qualify. Let’s break it down so it’s simple to understand.

What is the Chula Vista First-Time Homebuyer Program?

This program is a deferred-payment loan initiative funded by the CalHome Program, which is a state-run program under the California Department of Housing and Community Development. The City of Chula Vista administers it locally to help low-income families afford their first home.

How Does It Work?

Eligible buyers can receive a low-interest loan for up to 22% of the purchase price, capped at $120,000. This loan can help with both the down payment and closing costs, reducing the financial burden of buying a home.

Here’s the best part: the loan is deferred, meaning no monthly payments for up to 30 years unless you sell, refinance, or no longer live in the home.

Who is Eligible?

To qualify, you need to meet these criteria:

• First-Time Buyer: You must not have owned a home in the last three years.
• Income: Household income must be at or below 80% of the San Diego County Area Median Income (AMI) (e.g., $104,100 for a family of four in 2022).
• Creditworthiness: A good credit score is required.
• Down Payment: You need at least 3% of the purchase price as your own down payment.
• Education: Completion of a homebuyer education class and counseling is required.

What Types of Homes Qualify?

The loan can be used to purchase:

• Single-family homes
• Condominiums
• Townhomes

Properties must be within Chula Vista city limits and free of liens or code violations. Manufactured or mobile homes are not eligible.

Why Consider This Program?

• Affordability: Lower upfront costs mean homeownership is within reach.
• Deferred Payments: No monthly payments for the loan until it’s due.
• Flexible Uses: The loan covers both down payment and closing costs.

Things to Keep in Mind

• Repayment: If you sell or move out of the home within 30 years, you’ll need to repay the loan and accrued interest.
• Property Restrictions: Homes with civil penalties or code enforcement issues aren’t eligible.

How to Apply?

1. Check Eligibility: Confirm your household income and first-time buyer status.
2. Attend Education: Enroll in a HUD-approved homebuyer education course.
3. Submit Application: Contact the City of Chula Vista Housing Division for the application packet and guidance.

For more details, visit the City of Chula Vista’s official website: Chula Vista Housing Division.