San Carlos Real Estate Agent, San Carlos Realtor First Time Buyers: San Carlos Offers Downpayment Assistance Loan (DAL) Program | The White Oaks Blog
San Carlos Real Estate April 15, 2009

First Time Buyers: San Carlos Offers Downpayment Assistance Loan (DAL) Program

by Chuck Gillooley


Stepping up to help first-time buyers.

The City of San Carlos just announced that is providing a Downpayment Assistance Loan Program (DAL) to assist low and moderate-income first-time homebuyers with the purchase of a home in San Carlos.

Program Highlights

  • The maximum loan is $55,000. (recorded as a 2nd deed of trust)
  • The term of the loan is 30 years.
  • The interest rate is 3%.
  • Payments are deferred for the first 5 years, but interest will accrue during the deferral period.
  • Homes must be purchased within San Carlos city limits.
  • There is No maximum purchase price.
  • The home may be new or existing and must remain owner occupied for the term of the City’s loan.
  • The home may be a single-family residence, a condominium or a townhouse (duplexes and other multi-family dwellings are not eligible).


  • Applicant(s) must be a resident of or work in San Carlos for a minimum of 1 year prior to applying for the DAL program.
  • Applicant(s) must be first-time homebuyers (they may not have owned a home, as a principle residence, within 3 years prior to the date of application).
  • Cash and cash equivalent assets may not exceed $125,000, including the down payment that will be used to purchase the home and applicant(s) cannot own other real property.
  • Applicant(s) must have sufficient assets to provide a down payment of at least 5% of the purchase price of the home and must be able to pay applicable closing costs.
  • The home must remain owner-occupied for the term of the City’s loan.
  • Gross annual household income cannot exceed 120% of the median San Mateo county income, adjusted for household size:
Maximum Income by Household Size
1 $81,300 5 $125,450
2 $92,900 6 $134,750
3 $104,550 7 $144,050
4 $116,150 8 $153,300

Need more info?

For complete details on this program, including all of the required forms and some handy example calculations, click here:  The San Carlos Downpayment Assistance Loan Program.


For First-Time Home Buyers” is a new category on the site that’s a resource for first-time home buyers in San Carlos, and for those who have general real estate questions.



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