California Agency Helps First Time Home Buyers
July 22nd, 2008 by Deanna Frumenti | no responses
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The California Housing Finance Agency, which helps finance home ownership for people of low income like first time home buyers, has now received $200 million to use for the Community Stabilization Home Loan Program, which it estimates will help 800 to 1,000 Californians purchase their first home.
The program is available only for specific foreclosed properties owned by one of the institutions participating in the program. The participating lenders - Wells Fargo, HomeEq, CitiMortgage and Fannie Mae - have all agreed to price the properties at 12% below market value. It is possible that other lenders will soon be getting on the bandwagon.
Areas included by the program include the counties of Merced, San Joaquin, Riverside and Stanislaus, as well as many of the ZIP codes in Alameda, Contra Costa, Los Angeles and San Bernardino counties.
The program will offer 30-year loans at a 5.5 percent fixed interest rate and does not require a down payment, although borrowers must pay for mortgage insurance. Families must meet CalHFA’s income limits. For more information on the purchasing under this plan go to links.sfgate.com/ZEGL.
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The Author: Deanna Frumenti
About: Deanna Frumenti has lived in the Bay Area for more then 25 years. With a degree in business and marketing, Deanna worked in outside sales in transportation and logistics before turning to real estate. As a result, Deanna understands the importance of effective marketing and managing multiple-and sometimes competing-demands. Outside of real estate, Deanna is active on behalf of several charitable organizations, including the Alameda County Food Bank. Deanna is a member of the National Association of Realtors and the California Association of Realtors.
This entry was posted by Deanna Frumenti, on Tuesday, July 22nd, 2008 at 11:11 am and is filed under Home Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
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East Bay Community Resource by the Frumenti Real Estate Team
A resource for community information and homes for sale. Search by city to find schools, neighborhoods, real estate market information and new home listings in Fremont, Newark, Union City, Hayward, Castro Valley and San Leandro, California. 510-770-1475
