Good News! Better yet let me say, I have great News.
Heart of San Mateo County (Housing Endowment and Regional Trust) has just announced that they increased the purchase limit for their 5% down program to $781, 875 and NO PMI (Private Mortgage Insurance). This is a special loan, only for San Mateo County. It is pretty simple but combined family income must be $150,000 or less. For more info on the requirements and to apply please go to http://heartofsmc.org/programs/homebuyer-assistance/
The loan will be a fixed market rate loan (below 4%) for 80% of the value. There will be a 15% second mortgage at a slightly higher fixed rate (but no PMI and the higher rate is only on a small portion so it does not make a big difference) and your down payment is the remaining 5%.
Scheduled Workshop on The Heart Loan
Wednesday, September 28th Cañada College, Redwood City Building 2 Room 10, under bookstore and next to the grove
Vote No on Proposition Q in San Mateo and Prop R in Burlingame.
Costly and Misleading