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 $3,000 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 $3,000 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.