Local Home Prices Falling
Written by admin on June 20, 2009
Falling prices have sparked new interest in the city’s First Time Home Buyer Program.
The program, which is managed by the city’s Redevelopment Agency, provides qualifying buyers with long-term loans to cover a down payment, making it possible for “moderate income” families to buy homes that they might not otherwise be able to afford.
For example, a family of four making no more than $77,400 a year is considered “moderate income” and they would qualify for assistance of up to 20 percent of the appraised value or purchase price of the home they are buying. A two-person household would qualify if the pair netted no more than $61,900 or less a year.
I seriously recommend, if you’re THINKING about getting your first home – do it NOW! It will save you so much money in the long run.
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