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.
- 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|
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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