Downpayment Assistance for BMR Units
The following assistance programs may be available to qualified below market rate (BMR) home buyers.
CITY DOWNPAYMENT ASSISTANCE PROGRAMS
BMR Down Payment Assistance Loan Program (BMR DALP) – up to $57K or 15% of the purchase price downpayment assistance on BMR units
Teacher Next Door Program (TND) – $20K of downpayment assistance forgiven over 10 years of teaching
CITY TAX BENEFIT PROGRAM
The Mortgage Credit Certificate (MCC) Program can deduct 15% of your mortgage interest from your annual tax debt.
(Note: Buyers cannot combine BMR DALP and MCC)
FEDERAL HOME LOAN BANK PROGRAM
WISH - The Workforce Initiative Subsidy for Homeownership (WISH) Program provides grants to qualified homebuyers at 80% of Area Median Income. WISH will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of the home. This program is possible only through certain banks. (Visit http://www.fhlbsf.com for more information.)