June 29, 2007

Foster City Townhome: $5000 Down

Back in May we asked the question, “Will $5000 really get you into a home?” and told you about a program that JV & Associates has set up for home buyers. While it isn’t impossible, there are only a few homes at a time that offered in this manner. Currently there are 3 homes available under this program, with the newest addition at 1937 Vista Cay in San Mateo. While the listings we mentioned in May were all single family homes, this particular listing is a two-story, two bedroom, 2.5 bath townhome. Located on the east side of Highway 101, near one of Foster City’s lagoons, it is listed at $628,000.

What does it take to qualify for a unit like this? Minimum income of $85,000, minimum credit score of 680, $5000 down payment, and the ability to afford an approximate mortgage of $2900.