San Carlos Hosts First-time Homebuyer Workshop With HEART

SAN CARLOS, CA — Peninsula residents need all the help they can get securing a piece of the American dream — which is more difficult to attain in the San Francisco Bay Area.

HEART of San Mateo County, along with the city of San Carlos and Meriwest Mortgage, is hosting a free first-time homebuyer workshop on Oct. 30 at 6 p.m. in the San Carlos Library.

The workshop will lay out how prospective homeowners can qualify for the San Mateo County dream with only 5 percent down and no private mortgage insurance. Participants will also learn what condos and homes are available and where to find them. There's also instruction on how to present an offer.

Families with incomes up to $170,000 with a credit score of 680 or better who live or work in San Mateo County may qualify. Downpayment loans up to $136,223 for a total purchase price up to $908,156 are available.

For example, a single family home priced at $795,000 in San Mateo County requires an annual income of $132,000 to make the $5,281 monthly mortgage payment.

HEART, which stands for Housing Endowment and Regional Trust, started in 2003 as a public/private partnership among the cities with San Mateo County as well as the business, nonprofit, education and labor communities to create more affordable housing opportunities in the region. To date, HEART has received over $14 million in funding gifts and pledges and invested $12.4 million to fund over 950 affordable homes. More information may be obtained by visiting www.heartofsmc.org.

Those who are interested are invited to register on this website.