Homeownership Programs for First-Time Homebuyers

The City of Foster City participates in two programs designed to assist first-time homebuyers with the purchase of a new home. These programs are:

1. Foster City Homebuyers Advantage and Advantage Plus

The Homebuyers Advantage and Advantage PLUS loan programs assist low and moderate income eligible residents and employees of Foster City in the purchase of a home in Foster City. For information on the program and eligibility requirements, please read the flyer for this program. Interested homebuyers must apply through participating mortgage lenders. A list of these lenders is available through the San Mateo County Office of Housing. The application for this program is available. The City of Foster City does not run this program and all questions should be directed to the San Mateo County Office of Housing at 650-802-5033.

2. Mortgage Credit Certificate

The Mortgage Credit Certificate program is a means of providing financial assistance to first-time homebuyers by allowing those homebuyers to take fifteen percent of annual mortgage interest payments as a tax credit against their federal personal income tax in addition to the regular itemized deductions for the remaining 85% of the home mortgage interest payments. This program is available on a limited basis. For more information, please contact the San Mateo County Office of Housing at 650-802-5033.

3. Housing Endowment And Regional Trust (HEART)

The Housing Endowment and Regional Trust (HEART) in partnership with Meriwest Mortgage, has created a customized loan package to help qualified, moderate-income families, buy a home in San Mateo County.  The program combines a first mortgage loan from Meriwest Mortgage Company, and a second, below market rate downpayment assistance loan from HEART for up to $78,225.   Some of the qualifications are:

• Household income up to a maximum of $150,000
• Maximum purchase price of $521,250
• Minimum 5% downpayment
• Work in San Mateo County, or live in a HEART member city
• First-time or "move-closer" buyer
• FICO score of 680 or better

For more inforamtion and to apply online, please visit http://www.heartofsmc.org/open/

Additional Information