As the article explains, low income/first time homebuyers qualify with the assistance of patchwork of fixed rate loans and grants. Much of the loans are silent loans that will never have to be paid back if the home-owner meets certain requirements. The loans and grants can bring the actual loan balance close to 50% of the purchase price, hence a payment on on a loan of approx $150,000. Also included in the package is assistance with property taxes etc. Loan rates are typically lower to make the loans more affordable. So the month to month carrying costs are actually much lower than what appears on the surface. Getting qualified and going thru the process can be arduous, but the trade-off is well worth it. San Diego needs more affordable housing and more programs. Porkman
