First Time Home Buyer Loan Program for San Mateo Buyers
The City of San Mateo sponsors several loan programs that helps San Mateo home buyers buy single family homes, town homes and condos located throughout the City. Several of these programs provide loans that offered deferred payment options – meaning you don’t have to start paying back these loans for a specified period of time.
The City of San Mateo’s first time home buyer loan program requires borrowers to qualify for a mortgage from a private lender, such as my company, Mortgage California.
City of San Mateo’s Loan Program for San Mateo First Time Home Buyers
A first time home buyer is defined by the City of San Mateo as anyone who has not owned a principle residence for the past three years, or are a single parent with a dependent child living with you.
Income Requirements
| Household Size | 2009 Max Yearly Income | Max Monthly Income |
|---|---|---|
| 1 | $81,300 | $6,775 |
| 2 | $92,900 | $7,772 |
| 3 | $104,550 | $8,713 |
| 4 | $116,150 | $9,679 |
| 5 | $125,450 | $10,454 |
| 6 | $132,200 | $11,017 |
Costs Involved in the City of San Mateo’s First Time Home Buyer Loan Program
Though the City of San Mateo’s loan program helps San Mateo first time home buyers with deferred payments and reduced interest rates, you will need to pay a down payment ranging from 5-10% and closing costs (title and escrow fees, loan fees, inspection costs, credit fees).
Available Properties Eligible for the First Time Home Buyer Loan Program
The City of San Mateo’s First Time Home Buyer loan program is restricted to certain complexes (mostly condominium complexes) located throughout the City of San Mateo. As of this writing, the following complexes were included on this list:
- Gateway Commons
- Meadow Court
- Humboldt Square
- Stonegate Condos
- Corte Bella
- St. Matthews Place
- Rushmore
- Park Bayshore Townhomes
- Marble Bay
- Cedar Bay (houses)
- Norfolk Garden Plaza
- Baywood Condos
- Classic Communities
- Lofts at Bay Meadows
- Grant St. Condos
Available Loans for San Mateo’s First Time Home Buyer Program
The loans available depend on the cost of the unit. Once we determine how much you can afford, we can help you determine which loan program will best match up with the City of San Mateo’s First Time Home Buyer Loan Program.
Other Requirements for San Mateo’s First Time Home Buyer Loan Program
No payment is due on the loan from the City of San Mateo’s First Time Home Buyer loan program until the unit is sold. And, if you sell to a new eligible buyer, the interest payment is waived. The City of San Mateo does reserve the right of first purchase and resale restrictions will apply.
Interested in the City of San Mateo’s First Time Home Buyer Loan Program?
If you are considering the City of San Mateo’s First Time Home Buyer Loan Program, contact me at info@SanMateoMortgageBlog.com or (650) 520-0915. I’ll help you determine whether you qualify and help you submit the required application and supporting documentation. If you’ll need another loan to accompany this loan, we’ll examine your financial situation and help determine which program is best for you.
How Do I Get Started?
You can either contact me at (650) 520-0915 or by email at info@SanMateoMortgageBlog.com or you can fill out our secure online application or quick mortgage loan application and someone will contact you to schedule an in person or phone consultation.
Sign Up for Upcoming Classes and Webinars
To view a list of our upcoming home buyer education classes and webinars, check out our Class Schedule page or click on the Sign Up button below.
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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