Mayor's first time home buyer's program in San Francisco
A reader asks:I've heard there is a first time home buyers' program in San Francisco. What is this and how does it work?
Our reply:
The Mayor's Office of Housing states, "affordable housing programs are directly associated with specifically designated properties. All properties eligible under the affordable programs, monitored by the Mayor"s Office of Housing, are private sales transactions with unique requirements and restrictions. All information regarding the program requirements for a specific home can be obtained from the current owners (sellers) or their representative agents or brokers."
In short, only certain properties qualify for program, and these have certain restrictions placed on buying and selling them. The good news for buyers is that people who might not normally qualify for buying their first home can get assistance to do so rather than continue to throw away money on rent. One of the downsides is that if you sell, you may only take a certain amount of profit rather than let the market dictate the price. This ensures the properties will stay in the pool available to other first time buyers who are in the Mayor's Program.
As with any government program, there are forms to fill out and conditions the buyer must meet to qualify, but the extra work could be worth the effort to get started in owning your own home.
- Mick Orton and Janis Stone
posted by SFResidence.com @ 7:54 AM
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