Increases Maximum Home Purchase Price to $908,156 and Maximum Household Income to $170,000
HEART of San Mateo County and Meriwest Mortgage have increased the maximum home purchase price and household income for new homebuyers in San Mateo County.
In response to higher housing costs, HEART, the Housing Endowment and Regional Trust of San Mateo County, and Meriwest Mortgage, a wholly owned subsidiary of Meriwest Credit Union, will now allow new homebuyers in San Mateo County to purchase homes for up to $908,156. This represents a 14% increase from the previous maximum home price of $795,187. To accompany the increase in the maximum home price, the HEART loan program will offer up to $136,223 as a down payment second loan.
To better accommodate middle-income families, and as the cost of living keeps rising, HEART has also increased the qualifying maximum household income from $150,000 to $170,000.
In a county that is one of the most expensive in the country, where few people are able to save even a 10% down payment, let alone pay thousands of extra dollars in Private Mortgage Insurance (PMI), there is a need to help residents and workers in San Mateo County purchase their first home.
Julie Barnard, who works for the City of South San Francisco, and bought her first home in February 2019 using the HEART Program, said she “would never have been able to own a home without the Program.”
Since its inception, HEART’s Program has helped 87 families achieve their dream of homeownership. With higher income and home price levels, even more individuals and families will be able to benefit from the program.
The First Time Homebuyer Program
HEART’s loan program allows qualified moderate-income residents and workers of San Mateo County to purchase their first home and stay in their community with only a 5% down payment and no PMI. HEART’s loan program offers up to 15% as a down payment second loan, and pairs with a standard Meriwest Mortgage 80%, 30-year first mortgage loan. Program details are available at www.heartofsmc.org/programs/homebuyer-assistance.
HEART is a nonprofit organization whose mission is to address the critical housing need in San Mateo County. HEART is a collaborative, public/private venture that includes all 20 San Mateo County cities, the County and many businesses and individuals that support the organization. The board of directors consists of 11 elected officials and 10 members of the private sector. To date, HEART has invested over $19.1 million, to assist in the development of 1,300 new affordable homes. More information is available at www.heartofsmc.org.
About Meriwest Mortgage
Meriwest Mortgage is a wholly owned subsidiary of Meriwest Credit Union, one of Silicon Valley’s largest and well-established financial institutions. Meriwest has been providing proactive, personal, convenient and innovative financial services to over 72,000 members throughout the San Francisco Bay Area and Tucson, Arizona, since 1961. For more information, visit www.meriwest.com.