First-time Homebuyer
Programs in San Mateo County
Maximum household income for all programs is 120% of
Area Median Income, except as noted under Special Eligibility section.
|
Program |
Contact |
Loan Amount |
Terms |
Purchase Price Limit |
Resale Restriction |
Special Eligibility |
Other |
|
FOSTER CITY Homebuyers Advantage & AdvantagePLUS |
San Mateo County Department of Housing (650) 802-5033 |
Lesser of 25% of sales price or $75,000 |
30 yrs at 3% - No Int. or
pymts for first 5 yrs. Shared appreciation = to % of City’s loan |
None |
Yes |
Assets cannot exceed
lesser of 50% of sales price or $100k Must live/work in City at
time of application. |
$300 processing fee. Additional 5k 0% Int.
loan available to low income buyers forgiven after 5 yrs. CalHFA Partner |
|
MENLO PARK Purchase Assistance Loan
(PAL) |
San Mateo County Department of Housing (650) 802-5033 |
Lesser of 20% of sales
price or $75,000 |
35 yrs at 5% - No Int. or
pymts for first 5 yrs. |
None |
No |
Assets cannot exceed 50%
of sales price. Must live/work in City
for 1year at time of application |
$300 processing fee. CalHFA Partner |
|
MILLBRAE |
First Home, Inc. (415) 561-5600 x111 |
Lesser of 40% of sales
price or $150,000 |
30 years. Yrs 0-10 = 0% Int. Yrs 11-30 = 4% Int. Shared appreciation = to
% of City’s loan |
None |
No |
Available only to
Employees & Teachers of SMUHSD, Millbrae School Dist. & SMCCD |
|
|
SAN CARLOS Down Payment Assistance
Loan (DAL) |
San Mateo County Department of Housing (650) 802-5033 |
$55,000 |
30 yrs - 3% simple Int.
accrues from funding date. Pymts deferred for first 5 yrs. |
None |
No |
Assets cannot exceed
$125k & no real property owned. Must live/work in City at time of
application |
$300 processing fee. 5% borrower down payment
required. |
|
SOUTH SAN FRANCISCO First-time Home Buyer Program |
First Home, Inc. (415) 561-5600 x111 |
$100,000 |
30 yrs at 4% simple
interest. Pymts deferred for first 5 yrs. Pymts amortized over
remaining 25 yrs. Shared appreciation = to % of City’s loan |
$525,000 |
No |
Must live/work in City at
time of application. Preference given to Teachers, City Employees & City
residents of 5 yrs or more. |
2% borrower down payment
required. |
|
CITY OF SAN MATEO First-time Home Buyer
Program (There are 2 types of
properties under this program) |
Renee Daskalakis ReMax Today (650) 610-6448 |
Category 1 Varies by complex Category 2 No financing available
from City |
Category 1 Units sold at below
market prices w/ deferred 2nd loan. Loan balance due on sale. Int.
waived if unit is re-sold to eligible buyer. Category 2 Units sold below market
and carry permanent price restriction which is adjusted annually |
None |
City retains first right
to buy. |
Assets cannot exceed 50%
of the sales price |
Priority given to
First-time Home Buyers |
|
Program |
Contact |
Loan Amount |
Terms |
Purchase Price Limit |
Resale Restriction |
Special Eligibility |
Other |
|
COUNTY OF SAN MATEO Mortgage Credit
Certificate Program (MCC) |
San Mateo County Department of Housing (650) 802-5032 |
15% Federal Tax Credit Can be used with any of
the City loan programs |
Good for the life of the
original loan. Certificate can be
reissued after refinance |
$549,790 Resale Units $576,150 New Construction |
|
Maximum gross income: 1-2 person household $95,000 3+ person household $109,250 |
Cannot be used with
CalVET or CalHFA Loans No neg-am or gpm loans |
|
Alternate Agencies |
Alternate Program Name(s) |
Contact Information |
|
California Housing
Finance Agency (CalHFA) |
|
(916) 322-3991 |
|
California Home Source |
Lease – Purchase Homeownership
Program |
(800) 807-8277 |
|
National Homebuyers Fund
& Independent Cities Lease Finance
Authority |
ACCESS & NHF Gold
Second Loan Programs |
(866) 643-4968 |
|
San
Mateo County Income Limits |
|||
|
Household Size |
Income Limits |
Household Size |
Income Limits |
|
1 person |
$ 79,800 |
5 persons |
$123,100 |
|
2 persons |
$ 91,200 |
6 persons |
$132,250 |
|
3 persons |
$102,600 |
7 persons |
$141,350 |
|
4 persons |
$114,000 |
8 persons |
$150,500 |
Revised June 2005