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First Time Homebuyer Program

First Time Homebuyer Loan Assistance

*Update: At the June 6, 2019 meeting, the Brisbane Housing Authority adopted amendments to the First Time Homebuyer Program.*
 
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.  
 

Available Units: First Time Homebuyer Resale Program

Address Unit Type Unit Size Sq Ft List Price First Time Homebuyer Loan Available? Eligibility Application Deadline
1 San Bruno Ave., Unit D Condo 1 bd/ 1 ba 775 $500,269 Yes; up to $200k

CLOSED

January 31, 2019
  • Low and moderate income households (maximum two people) are eligible to apply for a First Time Homebuyer Loan of up to $200,000 to purchase the unit at 1 San Bruno Avenue, Unit D, which is available through the Housing Authority's First Time Homebuyer resale program.
  • The eligibility application window for this unit closed on January 31, 2019.

 

How the program works

The BFTHBP lends qualified, low and moderate income, first-time homebuyers up to $200,000 for the purchase of a market-rate home.  The actual loan amount is the difference, up to $200,000, between the purchase price and 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 (the waitlist for new loans is currently closed).  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

*Update: The waiting list for new First Time Homebuyer loans is closed effective May 30, 2018. If you have an active application on the waiting list, you will be contacted by City staff to confirm your waitlist status. Contact the Community Development Department at (415) 508-2120 or email planning@brisbaneca.org if you have questions on a submitted waitlist application.*
 
The City of Brisbane maintains a waiting list of first time homebuyers interested in obtaining loan assistance through the program. The waitlist is currently closed.

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. *Update: The waiting list for new First Time Homebuyer Program loans is closed effective May 30, 2018.*
 

Additional information


 

 Upcoming First Time Homebuyer Workshops

  • Wednesday, October 30, 2019 @ 6 PM: San Mateo County HEART/Meriwest Mortgage First Time Homebuyer Workshop. This workshop is for HEART's First Time Homebuyer program and is not affiliated with the City's program.