Oceanside CA– Community HousingWorks, a local nonprofit, has a new program for first time homebuyers to help more people afford homeownership. Known as the 120 Advantage, this $15,000 loan is available to first-time homebuyers who are at or below 120% of the Area Median Income. That’s just over $75,000 for a couple and just over $94,000 for a family of four.
The unique feature about this loan is that it is fully forgiven after 36 months (as long as all eligibility requirements are met). That’s $15,000 in assistance. Borrowers are eligible for up to $7,500 towards down payment costs and $7,500 towards closing costs. The 120 Advantage is available anywhere in San Diego.
CHW Lending is a division of Community HousingWorks and income earned through transactions is reinvested into community programs like afterschool tutoring, financial literacy and neighborhood revitalization.
Learn more about Community HousingWorks you can visit their website [Link]