HEART downpayment loans now available for homes in Daly City – Register Now for workshops in February and March
FREE HEART First Time Homebuyer Workshops
Get more info and register below:
Thursday, March 29 in Burlingame
- Find out how you can qualify to buy a home in San Mateo County with only 5% down and no PMI.
- Downpayment loans up to $119,278 for a total purchase price up to $795,187.
- Find out where you can find homes/condos and how to best present your offer
- Who Qualifies? Families with incomes up to $150K and good credit (680 or better) who live or work in San Mateo County and want to buy their first home or condo in San Mateo County.
- What are suggested income levels to buy property here?
For more information or to download guidelines and applications visit our website
Info about the mortgage application call John Souza at Meriwest Mortgage (408) 849-7115
Info about the HEART downpayment loan call: Boris Vatkin (650) 204-5639
Agenda
- How the HEART downpayment loan program works
- Review Homebuying Process
- Review Loan Application Process
- Tips on finding a property in this price range
- Loan Closing Process, how to make a successful bid
Speakers
- John Souza, Meriwest Mortgage Officer. He will be available after the presentation to help you pre-qualify your loan.
- Call 1-408-849-7115 for more info
Can’t make it? Here is the presentation. Good luck.
Meriwest Mortgage Company, LLC is licensed in California by the Department of Business Oversight, License#4150034; and in Arizona by the Arizona State Banking Department, License #BK0904975. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Membership with Meriwest Credit Union may be required with a one-time, non-refundable $5 fee.
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http://www.housingtrustsv.org/help/
Homebuyer Empowerment Loan Program (HELP)
Purchasing a home in Silicon Valley can be a big challenge for middle-income homebuyers – including teachers, healthcare workers and others. To make it easier, Housing Trust Silicon Valley is assisting homebuyers by introducing the Homebuyer Empowerment Loan Program (HELP). This program will help households whose incomes are up to 140% of the Area Median Income (AMI) to purchase a market-rate primary residence.
HELP will assist middle-income first-time homebuyers with down payment assistance of up to 10% of the purchase price with a maximum purchase price of $800,000. This loan is a thirty (30) year deferred loan plus a share of appreciation. Borrowers will repay the principal loan amount plus a share of the appreciation based on the percentage of the loan borrowed through HELP. No monthly principal or interest payments required! Payment is deferred until Maturity Date is reached, sale of the home or refinance of the first mortgage.
The Program Market Area covers Santa Clara County and the San Mateo County cities of East Palo Alto and Menlo Park.
Maximum Gross Household Income by Household Size (2017)
| ||||||||
| Household Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Income Limit | $111,020 | $126,910 | $142,730 | $158,620 | $171,290 | $184,030 | $196,700 | $209,370 |
Interested in applying? Visit the Homeownership Assistance page.
Homebuyer Empowerment Loan Program (HELP)
| |
| Maximum Loan Amount | Up to 10% of the purchase price |
| Interest Rate | Share of Appreciation |
| Term/Maturity Date | 30 years |
| Monthly Payments(Principal & Interest) | Deferred |
| Program Market Area Available | Santa Clara County (and San Mateo County cities of East Palo Alto and Menlo Park) |
| First-Time Buyer Status Required | Yes |
| 8-Hour Homebuyer Education Class Required | Yes |
| Maximum Gross Household Income Limit | Up to 140% of Area Median Income |
| Minimum Credit Score | 680 |
| Asset Limits | $125,000 |
| HTSV Pre-Approval Required | Yes |
| Maximum Purchase Price of Home | $800,000 |
| Owner Occupancy Required | Yes-Annual Monitoring/Compliance Check |
| First Mortgage Requirement | 30 Year Fully Amortized Fixed Rate Mortgage Only- No Adjustable Rate or Interest Only Mortgages Allowed |
| Minimum/Maximum Loan to Value (LTV) | 70% / 87% |
| Combined Loan to Value (CLTV) | Cannot exceed 97% |
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