Soma Grand is the only project in San Francisco to have received approval from the FHA to offer buyers the option to purchase with a down payment as low as 3.5%.
This unique program will enable San Franciscans, who have previously been unable to purchase a home, a unique opportunity to buy at a time experts are increasingly referring to as the bottom of the housing market. Representatives of the luxury high-rise condominium building Soma Grand, located in San Francisco’s Mid Market neighborhood, announced this week that they had received approval on a unique government sponsored FHA program aimed at revitalizing the housing market nationwide. Debuting at a time that many industry experts are heralding as the bottom of the housing market, this unique program will allow thousands of residents to purchase a home with down payments as low as $20,000. For a city with some of the highest median home costs in the country, such low down payment requirements break down the savings hurdle that has prevented many high-income earners from purchasing homes in the past. Whereas previously, buyers would have to save cash amounts of $140,000 to purchase some of the most affordably priced homes in the city, now they can purchase a home with a deposit of roughly $20,000. As the only luxury condominium community project in the City offering this program and with 80% of the homes already purchased, Soma Grand is on-track to sell out by the end of this year.
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