HEART and SAMCAR Have Partnered Together

Article Source: HEART of San Mateo County CA

HEART and SAMCAR Have Partnered Together to Offer Up To $5,000 in Closing Costs Assistance for First Time Homebuyers in San Mateo County

HEART, through a partnership with SAMCAR (the San Mateo County Association of REALTORS®) will now offer up to $5,000 in closing costs assistance to potential participants of HEART's First Time Homebuyer Program.

This new expansion of the program is possible through a $50,000 grant award from the California Association of REALTORS® Housing Affordability Fund. In a county that is one of the most expensive in the country, with the median home sale price over $1.6 million, few people are able to save even a 10% downpayment. HEART believes in helping residents and workers of San Mateo County be able to purchase their first home and stay in their community.

That is why since 2008, HEART has implemented a First Time Homebuyer Program that is the only one of its kind in the entire Bay Area. It allows middle income families to purchase their first home with only a 5% downpayment and zero PMI (private mortgage insurance), thus saving the homebuyer thousands of dollars.

HEART's First Time Homebuyer Program is meant specifically for people who want to stay in their communities and put down roots, but who do not make enough to afford higher end market rate homes and yet make too much for low-income housing. This includes teachers, first responders, social workers, nonprofit and public employees, small business owners, and many more.

Now, with the $50,000 grant, HEART is further expanding its program and offering anyone who participates in the First Time Homebuyer Program and uses a certified REALTOR® a grant up to a $5,000 for closing cost assistance, with the funds administered through the San Mateo County REALTORS® Foundation.

Many homebuyers struggle to save even 5% downpayment and are then hammered by the high closing costs. HEART believes that every little bit helps, and with the partnership with SAMCAR and the California Association of REALTORS®, even more local families will be able to stay in their communities as home owners.

For more information about HEART's First Time Homebuyer Program, please see below or visit our website at www.heartofsmc.org. HEART's First Time Homebuyer Program HEART offers down payment loans for qualified first-time homebuyers up to $119,278, which, together with a first 30-year, fixed rate mortgage from Meriwest Mortgage, enables the borrower to finance their first home with 5% down and no PMI (private mortgage insurance) HOW do I qualify?

• Work or live in San Mateo County
• Household income up to $150,000
• Credit score minimum of 680
• Home price up to $795,187 for qualified borrowers
• No restrictions on purchase or resale
• Get More Program Information Here

Please note: This program is not for below-market rate homes.

More questions? Contact us Boris Vatkin at info@heartofsmc.org, 650-204-5640 or John Souza at jsouza@meriwest.com, 408-849-7115

Support Homes with HEART

Thank you!

Tips on applying for below-market rate homes or condos Go to your city website and contact the housing or community development dept. to find out how to get on the waiting list for your city. or contact Habitat for Humanity Golden Gate Region or call 415-625-1005 for program info

Find Affordable Rental Housing Call 1-877-428-8844 or go to www.smchousingsearch.org includes developments with open waiting lists, or go to San Mateo County Dept of Housing

VISIT OUR WEBSITE HEART of San Mateo County 2905 S. El Camino Real, San Mateo, CA 94403 p: 650-204-5640 / www.heartofsmc.org

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Robert Riechel

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