New round of San Mateo County housing loans offers 30-year financing with no down payment
San Mateo County, California – In San Mateo County, even a six-figure household income can fall under the state’s definition of low income. A family of four earning $168,100 qualifies, while the county’s median home sale price reached $2.2 million in July 2026.
Against that backdrop, a relatively small housing program is opening another route to ownership. San Mateo County and the Housing Endowment and Regional Trust, or HEART, are expanding a low-interest loan initiative that helps lower-income residents replace aging mobile homes with new manufactured homes.
The Mobile Home Loan Program is available to qualifying residents of seven mobile home parks in unincorporated San Mateo County. Together, those communities house more than 700 people.
The County launched the program with HEART in 2024, committing $2 million to finance 20 loans of up to $100,000. All 20 loans were issued, carrying interest rates of no more than 3 percent.
That first round is now helping finance the next one. Borrowers’ repayments return to the fund, creating a revolving pool of money that can support future homeowners.
In June, the Board of Supervisors approved another $2.4 million for the program, including money for 20 additional loans. The maximum loan has also increased to $115,000 to reflect higher manufactured-home prices and costs such as removing an older unit, preparing the site and installing the replacement.
Qualifying households can receive 30-year loans without a down payment. Applicants must earn no more than 80 percent of the area median income, while interest rates vary by income and are capped at 4 percent.
“We know how difficult it is for working families to become homeowners in San Mateo County,” Board of Supervisors President Noelia Corzo said. “Everyone deserves a home to call their own.”
The program also gives the County a way to preserve existing affordable communities without waiting years for entirely new developments to be planned and built. Manufactured homes can instead be produced in factories and installed on existing sites.
HEART now plans to use the County’s latest investment to pursue another $3.5 million from cities and philanthropic partners over the next two years. If secured, that funding could support roughly 30 more loans.
Assistant County Executive Justin Mates said the goal is for the program to become truly self-sustaining as borrowers continue making payments and replenishing the fund — turning one round of homeownership loans into financing for the next.
