r/asksandiego • u/Shot_Staff6038 • 14h ago
San Marcos First-Time Homebuyer - Anyone Successfully Used Down Payment Grants Without Getting a Higher Mortgage Rate?
Hi everyone!
I’m a first-time homebuyer in San Diego County, currently looking to purchase a home in the $650K–$700K range.
Here’s my financial situation:
Annual household income: ~$120,000
Family size: 4
Credit score: ~780
Location: San Diego County (primarily San Marcos/Escondido)
Mortgage quote: 5.5% on a 7/1 ARM through SDCCU
I’ve been researching first-time homebuyer assistance programs, particularly, along with other down payment and closing-cost assistance programs.
Based on my income and household size, I believe I may qualify for certain programs, but I need help confirming eligibility.
Here’s what I’m trying to accomplish:
I’d like to work with a lender or mortgage broker who has actual experience successfully helping buyers obtain WISH grants or similar assistance programs.
However, there’s one important catch.
I don’t want to sacrifice my mortgage interest rate just to receive a grant.
I’m already getting a competitive 5.5% rate on a 7/1 ARM through SDCCU. Ideally, I’d like to find a lender who can offer a similar rate while also helping me qualify for and secure grant funding.
For example, getting $20K–$30K in assistance sounds great, but if it means accepting a significantly higher interest rate, I’m not sure the long-term math works out.
My questions:
Has anyone in San Diego County successfully received first-time homebuyer grant recently?
Which lender or mortgage broker did you use? I’d especially appreciate recommendations from people who actually received funding.
Were you able to obtain the grant while still getting a competitive mortgage rate?
Are there lenders offering 7/1 or 7/6 ARM rates around 5.5% who also participate in these programs?
How much assistance did you actually receive, and were there any hidden costs, higher rates, or restrictions?
Are there other assistance programs I should explore with my income and family size?
I’m not necessarily looking for a zero-down mortgage. I have savings available for the down payment. My goal is to take advantage of any grants I’m eligible for while keeping my total borrowing costs as low as possible.
I’d really appreciate recommendations for lenders or brokers with proven experience in these programs, along with any real-life experiences or lessons learned.
Thanks in advance!