Updated 2/9/2010- I just called today, currently funding is available.
First Time Homebuyer Program
The City of South San Francisco has a first time homebuyer program open to individuals and households who live or work in the City of South San Francisco. The program will provide qualified buyers a low-interest loan of up to $100,000 to purchase a BMR Home. Please note that funds for this program are limited. Qualified applicants will be given priority on a first come first served basis, based on the date and time a complete application is received by First Home, Inc.
Program Eligibility
· Applicant(s) must be a first time homebuyer (may not have owned a home in the last 3 years)
· Applicant(s) must live or work in the City of South San Francisco
· Applicant(s) must have good credit
· Applicant(s) must have sufficient assets to provide a down payment of at least 2% of the purchase price of the home and must be able to pay applicable closing costs.
· The minimum occupancy for the BMR units is a three person households, two if the household includes a single-parent and a child
· Applicant(s) gross annual household income cannot exceed 120% of the median San Mateo county income, adjusted for household size as follows:
| Household Size | 2008 Maximum Gross Annual Income |
|
1 |
$79,800 |
|
2 |
$91,200 |
|
3 |
$102,600 |
|
4 |
$114,000 |
|
5 |
$123,100 |
|
6 |
$132,200 |
· Applicant(s) must attend a first time home seminar or receive another type of first time homebuyer education
· Additional preferences will be given to local schoolteachers, city employees and people who have lived or worked in South San Francisco for five years or more.
Loan Program Highlights
- The maximum loan is $100,000. It will be recorded as a 2nd deed of trust.
- The term of the loan is 30 years.
- Payments are deferred for the first 5 years
- The interest rate during the 5 year deferral period is 0%, the interest rate during the 25 year repayment period is 4%
- Buyers will proportionately share the home’s appreciation gain with the city according to the percentage of the purchase price the City contributed (for example if the City loan is 10% of the purchase price, the City will receive 10% of the appreciation share when the home is sold)
- Homes must be single-family residences, condominiums or townhouses and must be within the City of South San Francisco
- The maximum purchase price for a home is $525,000
- The home must remain owner occupied for the term of the City’s loan.
To view the City of South San Francisco’s website,please CLICK HERE
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