Make San Mateo Home Ownership Possible with FHA Financing

By Raymond Stoklosa · July 7th, 2008

BBQ
I hope you all had a great holiday weekend!

For those of you who spent the weekend jealously eyeing your friends’ backyards and grills, I have news for you… it’s time to stop making excuses and get that new home. But how, you ask?

First, read our post from April to determine if it’s the right time for you to buy. Now that you’ve gotten that out of the way, let’s talk more specifically about how to make it happen.

For most people, the two biggest obstacles to home ownership are the down payment and the monthly mortgage payment. If you have good credit though, there are excellent financing options. CalHFA and FHA home loan programs are safe, reasonable and allow borrowers to purchase a property for as little a 3% down…even less sometimes.

This past March, FHA increased their loan limits to $729,750 on a single family home, making San Mateo home buyers eligible to use this program. Unique benefits to the program include:

No income limits
No minimum credit score or reserve requirements
Non owner-occupied owners permitted (allowing a co-signer on your loan)
Seller can contribute up to 6% of the loan amount towards closing costs, up front taxes, insurance costs, or buying down the interest rate
3% Down payment can be a gift or from a down payment assistance program, perhaps from one of CalHFA’s many down payment assistance programs.

Read Chris Williamson’s posts, New FHA Loan Limits for the San Mateo Home Buyer and FHA Loans for the Bay Area Borrower, over at San Mateo Mortgage Blog for more information. Remember, the increased lending limits are only good through the end of 2008.

So don’t spend another holiday weekend wishing your apartment or home was big enough to throw that neighborhood BBQ. With a little bit of homework, you’ll be manning the grill in no time.

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