Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

The Section 203(k) program is the department's primary program for the rehabilitation and repair of single family properties. Find out more about how this program can be used, the program's property eligibility requirements, and more.

On April 2, 2009 the Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations. Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage.

The San Diego Housing Commission (SDHC) has four distinct first-time homebuyer programs to help individuals and families achieve the American dream of homeownership: Neighborhood Stabilization Homeownership Program; San Diego City-Wide First-Time Homebuyer Program; For-Sale Affordable Homes; City of La Mesa Down Payment / Closing Cost Assistance Program.

In order to qualify for a CalHFA loan, certain requirements must be met. They are: •Be a first-time homebuyer. (CalHFA considers you a first-time homebuyer if you have not owned and occupied your own home during the last 3 years.). (This requirement is not necessary if the property is located in a Federally designated "Targeted Area*”) •Have an annual household/family income within CalHFA’s income limits for the family size and county in which the home is located. •Purchase a home that is within CalHFA’s sales price limits for the family size and county in which the home is located. •Live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced. •Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer. •Be a citizen or other national of the United States or a qualified alien. •All borrowers must have completed homebuyer education counseling and received a certificate of completion through an eligible homebuyer counseling organization. (See more information on http://www.calhfa.ca.gov/homebuyer/information/borrower-requirements.htm)

For those who are currently employed with the public school district in California, the CalSTRS Home Loan Program consists of agreements with lenders who provide 30-year and 15-year fixed-rate loans for the purchase and refinance of single and various multi-family dwellings. These loans are purchased by CalSTRS. Bank of America Home Loans, who serves as the program administrator, will be the servicer for all CalSTRS loans. Visit the Advantages page and FAQ's for information on how the CalSTRS Home Loan Program can serve you.

All active, inactive, and retired members of CalPERS, the Legislators' Retirement System, the Judges' Retirement System, and the Judges' Retirement System II are eligible to participate. Find out more about your loan choices, 100 percent financing options, interest rates, special loan programs, and more right here.

Policy changes includes raising the up-front mortgage insurance premium 2.25% from its current 1.75%; New borrowers with less than a 580 FICO score will be required to put down at least 10%; The maximum permissible seller concessions is reduced to 3% from its current 6% limit; Click on the link for more details.