First Time Homebuyer Program

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First Time Homebuyer Loan Assistance

The City of Brisbane recognizes the serious financial obstacles that low and moderate income families face in attempting to achieve the "American Dream" of homeownership.  Because of the high cost of purchasing a home, many low and moderate income families are forced to choose between permanently renting or relocating outside of the community in order to buy their first home.
 
Since its initiation in 2003, the Brisbane First Time Homebuyer Program (BFTHP) has provided financial assistance in the form of a Silent Second Mortgage Loans to low and moderate income first time homebuyers to achieve their American Dream in Brisbane.  The BFTHP is available for low and moderate income buyers of single family homes or condominiums located anywhere within the City of Brisbane.  It serves qualified, low and moderate income, first time home buyers who:
  1. At the time of filing an application have been a resident of Brisbane for at least one year; or
  2. Have an immediate family member (parent, child or sibling) who has been a resident of Brisbane for at least one year from the filing of an application; or 
  3. At the time of filing an application, had their primary employment (largest source of income) located within the City of Brisbane for at least one year; or 
  4. At the time of filing an application their primary employer has been the Brisbane School District, the Jefferson Union High School District or the San Mateo County Community College District for at least one year. 
A low income buyer is a buyer whose household income does not exceed the maximum gross income, adjusted for household size, for a Lower Income Household in San Mateo County, as defined and published annually by the California Department of Housing and Community Development (HCD).  A moderate income buyer is a buyer whose household income, adjusted for household size, does not exceed 120% of the Median Income in San Mateo County, as published annually by HCD.  


How the program works

 
The BFTHBP lends qualified, low and moderate income, first-time homebuyers up to $200,000 for the purchase of a home.  The actual loan amount is the difference, up to $200,000, between the purchase price and the sum of the down payment, plus the maximum first mortgage for which the buyer can qualify on the basis of income, whichever is less.
 
The loan is a "silent second" mortgage loan with a term of 45 years, with zero percent interest.  Contingent interest ("Shared Appreciation") and principal of the loan are due when the unit is sold or other "triggering event" occurs, as defined in the Program Manual.
 
Interested homebuyers should fill out a First time Homebuyer Program Waiting List application (available below in PDF; hard copies are available at City Hall).  When a loan or resale unit for which the City can transfer an existing First Time Homebuyer loan is available, the City will hold a lottery of eligible households from the waiting list. To be eligible for the lottery, the household must meet the income level and household size requirements of the specific loan or resale unit.  The winning lottery household will then move forward to apply for a first mortgage by a lender pre-approved for the program by the City, in addition to applying for the silent second mortgage from the City of Brisbane.
 
The buyer will be required to make a down payment of at least 3% of the purchase price of the property and cover normal closing costs associated with the purchase of a home.  The first mortgage lender may require a larger down payment.
 

Waiting List


The City of Brisbane maintains a waiting list of first time homebuyers interested in obtaining loan assistance through the program. To apply to be on the waiting list, first read the First Time Homebuyer Program Introduction, and then complete the First Time Homebuyer Program Waiting List Application.

To be eligible for the waiting list, you must currently meet at least one of the four eligibility criteria listed above, and qualify by income (see HCD's income limit chart). Note: you do not have to have lived or worked in Brisbane for at least one year in order for your name to be placed on the waiting list; however, this criteria must be met at the time of loan consideration.
Please return your completed First Time Homebuyer Program Waiting List Application to the City of Brisbane by mailing it to:

Brisbane First Time Homebuyer Program
City of Brisbane
50 Park Place
Brisbane, CA  94005

Eligible applicants are notified by mail that their names have been placed on the waiting list.
 

Availability


The City does not currently have dedicated funds towards the First Time Homebuyer Program. However, new loan opportunities will occur upon the resale of a home originally purchased with a First Time Homebuyer loan, effectively transferring an existing loan to a new First Time Homebuyer.  The City anticipates at least one unit will become available in the summer of 2018.
 

Additional information

 
  • To request a First Time Homebuyer Waiting List Application or to learn more about the program, please call the Community Development Department at 415-508-2120.
  • For a detailed description of the BMR program, please see the First Time Homebuyer Program Manual.

 Upcoming First Time Homebuyer Workshops