To utilize the Home Buyers Assistance Program (HBAP) for mortgage loans in San Francisco, first-time buyers or those with limited homeownership history must qualify based on income and property type. They should secure pre-approval from an HBAP-approved lender, then submit a HBAP application through the San Francisco Housing Preservation and Development (HPD) portal. Successful applicants can receive up to $120,000 in assistance, which covers down payments, closing costs, or principal reduction. The property must be a single-family home, townhouse, or condo located within San Francisco’s city limits, and buyers must occupy it as a primary residence for at least five years. After closing, the assistance is repaid as a second mortgage if the property is sold before the 10-year term.

HBAP is effective because it addresses San Francisco’s affordability crisis by reducing upfront costs for qualified buyers. According to HPD data, in 2022, 1,876 households received HBAP assistance, averaging $93,000 per household, which lowered the required down payment for a median-priced home from 15% to 9%. This aligns with the city’s goal to increase homeownership among low- and moderate-income residents. The program’s income caps ($185,000 for single buyers and $275,000 for couples in 2023) ensure resources target those most in need. However, limited funding and high demand result in a waiting list, with applications typically开放 twice annually. Partnering with a certified housing counselor and monitoring application cycles maximizes eligibility. HBAP’s requirement to repay assistance if the property is sold within 10 years ensures long-term sustainability, recycling capital into future buyers. This approach has helped 12,000+ households since 2000, contributing to a 7% increase in homeownership rates among low-income residents in the same period.