San Francisco is re-instating its DALP Program August 1st. DALP stands for Down Payment Assistance Loan Program. It is a mortgage assistance program unique to San Francisco that helps first-time home buyers buy houses and condos. They do this by offering a second loan on the property with no interest or monthly payment. When the buyer sells their home the principal and interest on loan is repaid with a share of the appreciation.

This is a great loan program for entry level buyers with less than 20% down. The second loan the city program provides allows buyers to avoid mortgage insurance and keeps their payments more affordable since they are only paying a monthly payment on the 1st mortgage. Many times this type of arrangement works out to have the monthly payment being less than what people are currently paying for rent.

There are some guidelines and restrictions for this program. Please visit their website for more infomation.

This program typically runs out of funding pretty quickly. If you are in the market for a home in San Francisco and would like more information on this program and how the home buying process works please give me a call.

Posted by:  Bill Wygant