Heart of San Mateo County

Generally when I write about Buyer Assistance programs they’re for first time
home buyers.  There are several of them available that are designed to help the first time home buyer but now there’s one to help someone move to San Mateo County who already owns a home.  There are certain stipulations to the program, but if you already live or work in San Mateo County you might qualify for the Heart of San Mateo County Program to be debuted this Spring and let you buy San Mateo Real Estate.

Heart is working with some of the major employers in San Mateo County to assist middle income workers buy a home close to where they work.  This program, Opening Doors in Our Community, will enable some of the people making long commutes from to work in San Mateo County from as far away as the Central Valley, end them forever.  This wonderful organization has almost completed the raising of $1.5 million from private-sector business and will then be able to leverage $50 million in primary mortgage loans at below market terms.

Believe it or not, to be eligible for this program you may make up to $150,000 a year.  You must currently work in the County or already live here.  This program will be compatible with other community programs some of the cities and major employers and organizations currently offer.

We want you to live and work in San Mateo County! Here’s how you can qualify.

• Your household income must not exceed $150,000.
• Your current job must be in San Mateo County.
• You may be a First Time Buyer or a Move Closer Buyer, who is someone selling their current home and buying one substantially closer to work.
• Your credit must be satisfactory to all lenders.

For those of you reading this and wondering how we could possibly consider an income of $150,000 as middle-income, it is when an entry level house costs more than $500,000.  We are thrilled that the conforming loan rate moves up to $625,000 and the FHA rate up to $725,000 as this will help many more people trying to buy San Mateo real estate.

Who qualifies as middle income in San Mateo County?  Here’s a list of jobs that the State Employment Development Department has listed as the fastest growing occupations in San Mateo County.

• Police Officers
• Firefighters
• Medical Scientists
• Computer systems analysts
• Biochemists and Biophysicists
• Industrial Engineers
• RN
• Management Analysts
• Database Administrators
• Network Administrators and Network Systems Engineers
• Medical and Clinical Lab Technologists
• Maintenance Manager for Car Dealers
• Chemists
• School Teachers
• Non-Profit Social Services Managers
• Paralegals
• Medical and Clinical Lab Technicians
• Biological and Pharmacy Technicians

And, possibly you, too.

Double Heart

This new program will roll out this spring.  Watch for more about it right here.  I’ll let you know once the program opens up and tell you where to go for more information.  I’m really excited about this one because of the opportunity to help people trying to relocate to San Mateo County.  It’s very hard for the people who have owned a home in other parts of the country as they feel that they are priced out of real estate here.  Hopefully, Heart will be one way for them to put their roots down here, too.