Community Housing Improvement Program (CHIP) - Not currently accepting applications as of 11/30/12
About the Program
The Chula Vista First-Time Homebuyer (FTHB) Program assists qualified first-time low-income homebuyers purchase properties within Chula Vista. Income-qualified homebuyers will be eligible to receive down payment and closing cost assistance in a shared equity loan of up to $70,000, with up to $50,000 for gap financing and up to $20,000 for home repairs. 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.
Full program guidelines can be accessed by clicking here. (July 23, 2012)
For additional information and a printable brochure, click here. Para información en español, selecione aquí.
Certified Lenders - For a list of certified lending partners, please click here.
Who to Contact
For information about the FTHB Program, please contact Community Housing Works at http://www.chworks.org or (619) 282-6647.
1. Your annual household income must be between 60-80% of the Area Median Income (AMI), per the chart below:
Area Median Income
60 – 80% AMI
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.
Due to funding requirements the 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 - Funding 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 firstname.lastname@example.org with your Name, Office Address, Personal Email Address, and Business/Cell Phone #.
Realtors - If you are interested in learning more, please refer to the full program guidelines above. In addition, you can contact Dee Sodano of Community HousingWorks at email@example.com.
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):
4579 Maple Avenue, Suite #1
La Mesa, CA 91941
TOLL FREE (800) 591-3111 / LOCAL (619) 469-0270