DAILY REAL ESTATE NEWS | TUESDAY, MARCH 18, 2014
The mayor of San Francisco announced that the city will double the amount it will lend to qualified first-time home buyers toward a down payment on their first house or condo — from $100,000 to $200,000.
“Our city’s middle class is deeply affected by the housing crunch — they make too much to qualify for our traditional affordable housing, but not enough to afford much of the new market-rate construction,” says Mayor Ed Lee.
The new loan limits will take effect this month.
San Francisco is one of the priciest housing markets in the country. The median existing single-family home price in the fourth quarter was $682,400, according to the National Association of REALTORS®.
The loans will be available to those who make up to 120 percent of the city’s median income, which is currently $116,500 for a family of four. The loans are required to be repaid when a borrower sells or finances.
Source: “S.F. Increases Down-Payment Loans to First-time Home Buyers,” the San Francisco Chronicle (March 17, 2014)