First-Time Buyer Programs Near Daly City

Is the down payment keeping you on the sidelines of the Daly City market? You are not alone. Many first-time buyers on the Peninsula face the same hurdle, especially with higher local prices and condo HOA costs. The good news is that real, accessible programs can help you bridge the gap and buy sooner with confidence. In this guide, you will learn the main first-time buyer programs near Daly City, how eligibility works, and the steps to apply. Let’s dive in.

What “first-time buyer” means

Most programs define a first-time buyer as someone who has not owned a principal residence in the past three years. Some programs make exceptions for certain circumstances, such as qualifying veterans or displaced homemakers. Always confirm the exact definition with the program administrator or your lender before you apply.

Main program options near Daly City

CalHFA state programs

The California Housing Finance Agency offers first mortgages and paired down payment assistance for eligible buyers. You typically work with a CalHFA-approved lender and complete a homebuyer education course.

• CalHFA first mortgages: Conventional, FHA, or VA-backed options you can pair with assistance.
• MyHome Assistance Program: A common deferred-payment junior lien used for down payment or closing costs. Terms change, so verify details on CalHFA’s site.
• Combination products: CalHFA sometimes bundles first mortgages with assistance or rate features under names like CalPLUS or ZIP. Names and terms can change.

You can review current options and education requirements on the official CalHFA website. Start with the main program pages and participating lender info on the CalHFA site.

GSFA down payment assistance

The Golden State Finance Authority partners with participating lenders to offer down payment assistance, often as a grant or second lien tied to your first mortgage type. Assistance amounts, loan types, and program rules vary.

GSFA programs are widely used across Bay Area counties, including San Mateo County. Ask potential lenders if they actively close GSFA loans locally. Learn more on the GSFA programs site.

San Mateo County or city programs

San Mateo County and some Peninsula cities at times offer income-based assistance, such as low-interest subordinate loans, acquisition rehab funds, or targeted programs. Availability changes and may be limited by city boundaries or specific census tracts. For Daly City addresses, check with the San Mateo County Office of Housing and the City of Daly City housing staff to confirm current offerings, maps, and purchase price limits.

Mortgage Credit Certificate (MCC)

An MCC converts a portion of your annual mortgage interest into a federal tax credit, which can lower your overall tax bill and may help you qualify. MCC availability and rules vary by county and lender. Ask your lender whether San Mateo County currently issues MCCs or partners with an agency that does.

Lender, employer, and profession-based programs

Some lenders offer proprietary grants or lender credits. Certain employers or sectors may provide housing assistance. These options often require you to use a specific lender or meet employment conditions. If you work for a large Bay Area employer, ask HR about any homebuyer benefits and coordinate with your lender.

Eligibility basics to verify

Before you fall in love with a home, confirm that you can meet these common requirements:

• Income limits: Most programs set income ceilings based on Area Median Income and household size. Limits update regularly. Check the latest HUD income limit tables and then confirm the program’s own limits.
• Purchase price caps: High-cost counties like San Mateo may allow higher price caps, but some homes will still exceed program maximums.
• Credit and underwriting: Programs rely on the first mortgage guidelines. FHA may allow lower scores, while conventional often needs higher scores. CalHFA or GSFA can add their own minimums.
• Occupancy and property type: You must live in the home as your primary residence. Single-family homes and condos are common options. Condos usually need project approval.
• DPA loan structure: Some assistance is a deferred second lien. Others may be forgivable over time. Understand when repayment is due.
• Homebuyer education: Many programs require a certificate from an approved course before closing.

How to apply: step-by-step

1. Research programs

Start by mapping your options: CalHFA, GSFA, San Mateo County or city programs, and any lender or employer assistance you might qualify for. A brief call with 2 or 3 lenders can reveal which programs they actively close in San Mateo County.

2. Take required education

If your target program requires it, complete an approved homebuyer education course early. A certificate is often required for program reservation or closing. You can search for providers through the HUD-approved housing counselor directory and confirm which courses your program accepts.

3. Get preapproved with a participating lender

Most assistance programs require you to work with an approved lender. Ask whether the lender is CalHFA-approved or GSFA-participating, and whether they have experience closing DPA loans in San Mateo County.

4. Confirm full eligibility

With your lender, verify income limits, purchase price caps, property location rules, credit score requirements, and whether your chosen loan type pairs with your target DPA.

5. Reserve funds or apply

Some programs require a formal reservation or operate on limited funding. Your lender and the program administrator will guide you through timing, paperwork, and any waitlist.

6. Close the loan

Expect a few extra steps to process subordination documents and program approvals. Build extra time into your closing timeline so you can secure your assistance without rushing.

What to prepare: common documents

• Photo ID and Social Security numbers for all borrowers
• Recent pay stubs, W-2s, and federal tax returns
• Bank statements for assets and earnest money
• Employment verification
• Gift letters, if applicable
• Purchase agreement and property details
• Homebuyer education certificate

Local tips for Daly City buyers

Confirm program coverage

Daly City is within San Mateo County, but not every program covers every address. Some resources are countywide. Others are city specific or limited to certain neighborhoods or tracts. Ask for a map or a written confirmation of service areas before you write an offer.

Plan for high-cost market realities

San Mateo County home prices can stretch standard assistance amounts. Compare multiple DPA sources and ask your lender about combining programs when allowed. Also discuss how seller credits factor into your financing and whether your loan type limits concessions.

Consider condo approvals and HOA dues

Condos are common in Daly City. Make sure the condo project meets your loan and program rules. Budget for HOA dues in your monthly costs.

Weigh commute and transit access

Daly City’s BART station and regional transit options can offset commute time and transportation costs. Factor that into your total housing budget and neighborhood search.

Build in extra time

DPA adds coordination between the lender, title company, and program administrator. Extra lead time helps your purchase close smoothly.

Common pitfalls to avoid

• Assuming eligibility without verifying income and price caps
• Waiting to complete homebuyer education until the last minute
• Working with a lender that lacks recent local DPA experience
• Overlooking condo project approval or HOA budget impact
• Ignoring repayment triggers on deferred second liens
• Falling for “guaranteed” grants that ask for upfront fees

Your 30-day action plan

• Confirm whether you meet the first-time buyer definition.
• Pull your credit report and discuss it with a lender.
• Complete a HUD-approved or program-approved education course.
• Speak with 2 or 3 CalHFA- or GSFA-participating lenders who close loans in San Mateo County. Ask about CalHFA MyHome, GSFA options, MCC availability, and any lender grants.
• Call the San Mateo County Office of Housing and City of Daly City housing staff to check for current county or city programs and service-area rules.
• If shopping for condos, ask your lender how the project will be reviewed.
• Gather income, asset, and tax documents so you can reserve funds quickly if eligible.

Ready to move from research to results?

Buying your first home on the Peninsula is achievable with the right plan, the right lender partner, and local guidance. If you want a patient, step-by-step process tailored to Daly City and nearby neighborhoods, we are here to help you compare options, line up financing, and craft competitive offers with confidence. Connect with Gianna Archini to start your homebuying plan today. Hablamos español.

FAQs

What are the main first-time buyer programs near Daly City?

• The most common are CalHFA first mortgage plus MyHome assistance, GSFA down payment assistance, county or city programs when available, Mortgage Credit Certificates, and some lender or employer grants.

How do CalHFA and GSFA differ for Peninsula buyers?

• CalHFA is a state agency offering first mortgages and paired assistance through approved lenders, while GSFA partners with lenders to provide grants or second liens tied to your loan type. Review options on CalHFA’s site and the GSFA site.

What income limits apply in San Mateo County?

• Programs use income caps based on Area Median Income and household size. Check current data in the HUD income limit tables and confirm with your lender for each program.

Can I use down payment assistance to buy a condo in Daly City?

• Often yes, but the condo project usually needs to meet the loan and program’s approval rules. Ask your lender to review the HOA and project status early.

What is a Mortgage Credit Certificate and why does it matter?

• An MCC can convert a portion of your annual mortgage interest into a federal tax credit, lowering your tax liability and sometimes helping you qualify. Availability varies by county and lender.

How long does it take to close with assistance?

• Plan for additional time beyond standard underwriting to secure program reservations and complete subordination paperwork. Build this into your offer timeline.

Where can I find approved homebuyer education and counseling?

• Use the HUD-approved housing counselor directory to locate counseling and courses. Confirm the course meets your chosen program’s requirements.