Housing / First Time Homebuyers
 Wisconsin Cottages:Amazing Affordable Housing Opportunity for First Time Homebuyers
If you are interested in becoming a first time homebuyer, we have an amazing opportunity for you. The El Cajon CDC Housing Program's mission is to put good people with lower incomes into great houses. We have been working hard to complete the construction of the Wisconsin Cottages and are proud to announce that we are within weeks of wrapping up that phase of the project. We would like to invite you to participate in this exciting development. The first step is to fill out the pre-application survey by clicking here (PDF).
The final sales phase of the project has begun and we are currently working through several applications of first time homebuyers. We would like to extend the opportunity to any first time homebuyers to apply. If you qualify, your mortgage will not exceed 35% of your annual income- and the City of El Cajon will subsidize the rest! There are still two homes available to very low income households (approximately $24,000 - $38,000); the other 5 homes will fall into the low to moderate household income category (approximately $30,000 - $90,000). In order be considered to purchase one of the Wisconsin Cottages, the following criteria must be met:
- Must be a first time homebuyer
- Have good credit (Minimum FICO score of 660)
- Have approximately $4,000 in savings or other liquid assets (seasoned for three months)
- Qualify for a first mortgage through a lender approved with the City of El Cajon
- Qualify for a second mortgage through the City of El Cajon
- Buyers must attend an approved homebuyer class prior to loan closing
The project consists of 2 and 3 bedroom townhouse style homes all with two and a half baths ranging in size from approximately 1,150 square feet to 1,310 square feet. The new homes have tile roofs, cultured marble countertops in kitchens and baths, Seacrest Birch kitchen cabinets, tile roofs, balconies, dishwashers, Delta faucets in kitchens and baths, refrigerators, stoves, and much more.
The El Cajon CDC is proud to share this First Time Homebuyer Program with you. We want you to realize the dream of homeownership. If you have any questions or require additional information, please feel free to call Dan Tomasi, Housing Coordinator, at (619) 401-8858. Please act fast, as we have a limited number of homes available! There may never be subsidies this size again!
U.S. Bank East County Financial Freedom Day and Homeownership Fair proves that learning about financial freedom doesn't have to be a chore
 Hosted by the El Cajon CDC in partnership with the City of El Cajon and presented by WaMu, this event helped to educate attendees on homeownership in today’s turbulent market by providing the opportunity to speak with lending and real estate professionals in a fair-like atmosphere.
Adults were able to visit over 30 sponsor and vendor booths, attend one-on-one investment and foreclosure private counseling sessions, participate in educational seminars and take property tours of El Cajon.
This event also provided a financial experience for children at the Savings Safari hosted by WaMu which included: Saving Money, Budgeting, and Money Basics giving children early tools in which to build a solid foundation of financial principles. Children had the opportunity to also practice naming coins, identifying what money can or cannot buy, creating their own budget, learning about income and expenses, and participating in "money searches" on worksheet activities. One $25 savings account and a backpack full of school supplies were donated by WaMu and raffled to Savings Safari participants.
Lunch, music, prizes, and free parking were also provided…learning about financial freedom does not have to be a chore. Come and find out for yourself at the Homeownership Fair scheduled for October 2008!
Free First-Time Homebuyer Classes by Springboard
Springboard offers FREE First-Time Homebuyer classes where they educate the prospective homeowner on what to expect in the home buying process. Classes are held each month at their El Cajon office. Click here (PDF) to learn more and to see when the next meeting will be held.
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