City of San Mateo First Time Home Buyer's Assistance Program

Updated today 3/9/09: I called today, funding is currently available.

First-Time Home Buyer Program

First-Time Home Buyer, we sponsor a variety of loan programs to help families with different incomes and housing needs become homeowners. There are programs to help you purchase single-family homes, condominiums, and townhouses at several locations within the City limits of San Mateo. The City provides loans in various amounts that do not require immediate payments.

“First Time Homebuyer” means that you have not owned a principle residence for the past three (3) years, or are a single parent with a dependent child living with you. For all programs the maximum income of qualifying borrowers is 120% of the area median income (adjust annually)

You must be able to qualify for a mortgage loan from a private lender. Eligibility for a mortgage will depend on purchase price and your income, assets, and credit rating.

What costs are there?
While the loan programs help you with reduced interest rates and deferred payments, you will need to pay a down payment and closing costs. The minimum down payment varies from 3% to 10% of the purchase price. Closing costs are items such as loan fees, escrow fees, title insurance, home inspection, and credit fees.

First Time Homebuyers

* Eligible Buyers*: First Time Homebuyers
* Available Properties: Participating condominium complexes
* Available Loans: Varies with cost of unit
* Other Highlights and Requirements:
o No payment due until you sell the unit. Interest payment is waived if you sell to a new eligible buyer.
o The City retains first right of purchase; resale price restrictions apply.
* View/Print Application

Below Market Rate (BMR)

* Eligible Buyers*: Priority for First Time Homebuyers
* Available Properties: Residences throughout the City
* Available Loans: No financing available from the City
* Other Highlights and Requirements:
o Units are sold below market and carry a permanent price restriction which is adjusted annually.
o City retains first right of purchase.
* View/Print Application

Have questions?
Please contact the Neighborhood Improvement & Housing Division at (650) 522-7220.

To view the City of San Mateo’s website,please CLICK HERE

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Tagged as: City Mortgage Assistance, City of San Mateo, down payment assistance, first time home buyers assistance