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Homebuyer Down-Payment Assistance Program (for San Diego Police Officers)

"Public safety is our number one priority. Assisting our San Diego Police Officers with purchasing a home in the City of San Diego helps them establish roots in the communities they serve, and provides them with an additional incentive to join and stay with the San Diego Police Department. I am pleased to see the program come to fruition," said Councilmember Chris Cate.

The following program is managed and administered by the National Asian American Coalition (NAAC), a HUD-Approved 501(c)3 nonprofit housing organization and certified Community Development Financial Institution (CDFI), providing comprehensive counseling and preparing clients for mortgages in diverse communities throughout California. This is a partnership between NAAC and the City of San Diego, with contributing bank partners including Mechanics Bank, Pacific Western Bank, and Axos Bank.

Program Overview: Up to $50,000 in Down Payment Assistance

  • Down-payment assistance will be in the form of a five (5) year, zero percent (0%) interest, subordinate loan to the qualified applicant
  • The down-payment assistance loan can be any amount between $10,000 and $50,000
  • Applicant must contribute funds, at a minimum, equivalent to 3.5% of home purchase price, towards a down payment
  • Loan must be repaid any time prior to the end of the down-payment assistance loan term. Repayment can be through any means, including a home refinance, sale of home, paid outright prior to end of term, or monthly installments
  • Applicant must continue to occupy the purchased home as their primary residence for the term of the loan (5 years)
  • Applicant must be current/non-delinquent on the underlying first mortgage
  • Applicant must remain a City of San Diego police officer for the term of the loan (5 years)
  • All recipients must complete a homebuyer program administered by the National Asian American Coalition (NAAC) and must use a NAAC approved Realtor when purchasing the home.
  • Applicants may choose any lender for first mortgage

Eligible Participants:

  • All SDPD police officers (non-probationary PO-I or higher) who do not currently own or have previously owned a home in the City of San Diego
  • Applicant must have a credit score of 680 or higher

Eligible Properties:

  • Applicant must purchase a home within the City of San Diego limits
  • Applicant can purchase any single-family home, condominium, or townhome

The program is established with initial aggregate funds of $750,000.

  • $500,000—total contribution from Pacific Western Bank and Mechanics Bank.
  • $250,000—City of San Diego allocation

A subsequent contribution from Axos Bank of $250,000 brought aggregate funding to $1 million.

All funds will be used solely to provide down-payment assistance. There will be no administrative fee assessed by the City of San Diego, SDPOA, or any other third parties.

For more information about NAAC's Homebuyer Down-Payment Assistance Program, contact:

Faith Bautista FBautista@NAAC.org

To sign up for an upcoming workshop on this program, contact:

Tom Bostedt TBostedt@SDPOA.org

Police Housing Presser