Premier Mortgage & Real Estate
9225 Carlton Hills Blvd. Suite #3
Santee, CA. 92071

(619) 334-1012 phone
(619) 334-1393 fax

Fax resumes to (619) 334-1393, or email them to Ron Schoonover. No phone calls please.

Program Description

The City of Santee has established a program designed to provide assistance to low income first-time home buyers. The program can assist with the purchase of a new or existing home within the City. The loan can help pay for down payment and/or closing costs.

• The home must be your principal residence.
• You must be able to contribute a minimum of two percent (2%) toward the down payment and closing costs.
• You must not have owned a home within the last three years.
• You should apply for a Mortgage Credit Certificate concurrently to reduce your monthly housing costs. Call 619-469-2002 for more information.
• Borrower cannot own any real property.

• The sale price cannot exceed $450,000 (Subject to periodic updates).
• Homes may be either single-family, condominiums or town-homes.
• The home must be vacant or owner occupied upon execution of the purchase offer.
• The home must be free from any health and safety defects and lead based paint hazards.
• The home must be located in the City of Santee.

• Maximum interest rate of 3%. Interest forgiven if you continue to own and occupy the home for 10 years.
• No monthly payment. Repayment is deferred until the borrower sells, transfers, refinances, or converts the home to a rental property.
• Maximum loan: up to $40,000.
• Adjustable Rate, Balloon Loans and Temporary Buy-downs, and Interest-Only mortgages not allowed, except for CalHFA loans.
• The City loan may be used for down payment and closing costs.
• Total housing ratio (PITI & HOA fees) cannot exceed 45% of applicant(s) gross monthly income.
• First Mortgage lenders are required to collect and manage an impound account for payment of Taxes, assessments and property insurance.