Homeowner Repair and First-Time Homebuyer Programs
HOMEOWNER REPAIRS
FIRST-TIME HOMEBUYERS
Community Housing Improvement Program (CHIP)
The Community Housing Improvement Program (CHIP) provides low interest and/or deferred loans to homeowners of single-family homes and mobilehomes to repair health- and safety-related issues. Click on the below links to access eligibility information and the CHIP application form.
Program Eligibility and Terms
Para información en español, selecione aquí.
CHIP Application
Neighborhood Stabilization First-Time Homebuyer Program
About the Program
The Neighborhood Stabilization First-Time Homebuyer (NS FTHB) Program will assist qualified first-time low- and moderate-income homebuyers purchase foreclosed properties within targeted neighborhoods in Chula Vista, for a map of eligible neighborhoods, click here. Income-qualified homebuyers will be eligible to receive down payment and closing cost assistance in a shared equity loan of up to $70,000 for low-income households and up to $40,000 for moderate-income households, at 0% interest. No payments are required until the homeowner sells, rents, refinances, or transfers title to the property. If the homeowner lives in the property 15+ years, only the principal loan amount must be repaid. In order to address potential health and safety issues of foreclosed properties, up to $24,999 can be added to the required “gap” financing for rehabilitation of the property, but cannot exceed the qualifying threshold.
Full program guidelines can be downloaded by clicking here.
In order to assist pre-committed buyers that are having difficulty locating properties on the open market, the City now offers a secondary program called the Neighborhood Stabilization Resale Program (NSRP). The City acquires and rehabilitates properties through the NSRP and mekes them available to pre-committed NS FTHB buyers. For additional information, and a list of current properties, click here.
For additional information and a printable brochure, click here. Para información en español, selecione aquí. A complete program manual for lenders can be downloaded by clicking here.
Certified Lenders - For a list of certified lending partners, click here.
Realtors - For a list of realtors that have attended the City's Realtor Education, click here and here.
Who to Contact
For information about the NS FTHB Program, please contact Community Housing Works at http://www.chworks.org or (619) 282-6647.
Eligibility Criteria
1. Your annual household income may not exceed 120% of the Area Median Income (AMI). Applicants below 120% AMI will be eligible for up to $40,000 in assistance and those below 80% AMI will be eligible for up to $70,000 in assistance. For current income limits, click here.
2. The home must be your principal residence.
3. You must be able to contribute a minimum of three percent (3%) of the purchase price from your own funds toward the down payment, closing costs, or reserves.
4. You must not have owned a home within the last three years.
Process
Due to funding requirements the NS FTHB Program requires that potential buyers receive pre-qualification with both primary financing and City assistance prior to locating an eligible property. To receive a pre-qualification, contact a certified lender partner and/or Community HousingWorks.
Homebuyers and lenders must attend a certification class to be eligible for the program. In addition, we strongly encourage realtors to come to a scheduled education session. Chula Vista based classes have been scheduled as follows:
Homebuyers - The NSP requires that all applicants take an 8-hour HUD certified Homebuyer Education Class. The class prepares you with the basics of homeownership. In order to enroll in the class and/or find out about scheduled class dates, please call Community HousingWorks at 619-282-6647 Ext. 5465. Additional agencies that provide HUD Certified Homebuyer Education can be found by clicking here. Please ensure that the class is an 8-hour HUD certified class.
Lenders – Lender training is held biannually at Community HousingWorks (4305 University Avenue, San Diego 92105). In order to find out when the next class is scheduled, please email Community HousingWorks at acampos@chworks.org with your Name, Office Address, Personal Email Address, and Cell Phone #.
Realtors - If you are interested in learning more, please refer to the full program guidelines above and the summary brochure for realtors, by clicking here. In addition, you can contact Dee Sodano of Community HousingWorks at dsodano@chworks.org.
An updated schedule of available classes will be posted on this web page, as available.
Mortgage Credit Certificate Program
About the Program
A Mortgage Credit Certificate (MCC) provides a double bonus. It increases the loan amount you qualify for and it increases your take-home pay. The MCC entitles you to take a federal income tax credit of fifteen percent (15%) of the annual interest you pay on your home mortgage. Because the MCC reduces your federal income taxes and increases your net earnings, it is a great help in qualifying for your first home mortgage. But it doesn't stop there. The MCC is registered with the IRS, and it continues to decrease your federal income taxes each year for as long as you live in your home.
MCC funds are usually awarded to the Agency early in the year and may be depleted within a few months and/or may only be available for targeted "low income" census tracts. Click JPEG or PDF to view and/or download a map of eligible census tracts, shown in purple. Non-eligible census tracts are shown in brown.
Who to Contact
For information about the MCC program, please contact Affordable Housing Applications (AHA):
AHA Housing
4579 Maple Avenue, Suite #1
La Mesa, CA 91941
TOLL FREE (800) 591-3111 / LOCAL (619) 469-0270
E-mail: customerservice@ahahousing.com
Web: www.ahahousing.com