Two Resources That Can Help You Buy a Home in San Francisco Right Now

A recent report from Realtor.com found that 20% of Americans don’t think homeownership is achievable. If you're in San Francisco, where housing prices remain among the highest in the country, that percentage might feel even higher. With rising costs across the board, saving for a down payment can seem like an uphill battle.

But here’s the reality: With the right resources and financing strategies, owning a home in San Francisco is possible—even if you don’t have a massive down payment or a perfect credit score. Let’s look at two key solutions that can help you get into the market.

1. FHA Loans: A Pathway to Homeownership

If your credit score or savings aren’t where you’d like them to be, an FHA loan could be your ticket to homeownership. While these loans are often associated with first-time buyers, they can be a great option for anyone looking to buy with a lower down payment.

Why FHA Loans Work in San Francisco:

• Lower Down Payment: FHA loans typically require as little as 3.5% down, which is significantly lower than the 20% many buyers assume they need. In a city where the median home price often exceeds $1 million, that’s a game-changer.

• Flexible Credit Requirements: If your credit isn’t strong enough for a conventional loan, FHA loans provide an alternative with more lenient criteria.

How This Helps in SF:
Let’s say you’re looking at a $1.2M condo in the Mission or Noe Valley. Instead of needing $240,000 (20% down), an FHA loan could get you in with around $42,000 (3.5% down). That difference alone makes homeownership far more attainable.

The next step? Connect with a lender to explore your FHA loan eligibility and see if it aligns with your financial goals.

2. Homebuyer Assistance Programs

If saving for a down payment is your biggest hurdle, you should know that there are programs designed to help. More than 75% of the 2,000+ homebuyer assistance programs in the U.S. offer some form of down payment help.

How This Can Benefit San Francisco Buyers:

• Significant Financial Support: The average assistance for qualifying buyers is around $17,000. In a high-cost market like SF, every dollar counts.

• Stackable Benefits: In some cases, you can qualify for multiple programs, combining different sources of aid to reduce upfront costs.

Programs like the San Francisco Mayor’s Office of Housing and Community Development (MOHCD) First-Time Homebuyer Program and CalHFA’s MyHome Assistance Program offer grants and low-interest loans specifically for buyers in the Bay Area.

Bottom Line

San Francisco real estate is competitive, but that doesn’t mean buying is out of reach. With strategic financing—whether through FHA loans or homebuyer assistance programs—you can make homeownership a reality, even in this high-priced market.

If you’re serious about buying and want to explore your options, let’s talk. As a local expert, I can help you navigate the best financing options and investment opportunities in San Francisco’s market. Reach out today, and let’s get you on the path to owning a home.