Homebuyer Assistance Programs Running Out Of Funds
HOME LOANS, SHASTA COUNTY, TIPS FOR BUYERS
April 10th, 2009
Representatives from Redding, Anderson, Shasta Lake City and the County of Shasta addressed Realtors regarding their respective loan programs targeted to first-time buyers. In short, Redding is the only housing agency with some money left to loan.
Shasta Lake City has not been reimbursed by the state for loans they have placed resulting in a suspension of their downpayment assistance program. Anderson and Shasta County applied for funds from the state to run their programs but were denied. They will reapply in August, find out in November if they were awarded any funds and if successful, could accept applications in 2010.
The City of Redding has renamed their Downpayment Assistance Program (DAP) to Homebuyer Program (HP). They have added some loan options including a lease-option program, forgivable-interest loans in target areas of the city and a Homebuyer Incentive Program for bank repossessions that need additional money for repairs.
The maximum income limits have been raised for various family sizes 1-8 but the maximum purchase price has been lowered significantly to $218,500 to reflect current market pricing. Low-income homebuyers will be eligible for the largest silent second loans of $60,000. Median and moderate income borrowers will receive maximum loans of $25,000 and $10,000 respectively.
Some other rules to keep in mind about these programs:
- Homes that are currently rented cannot be purchased using DAP money
- Homes must be professionally inspected and the city housing department will specify needed repairs
- Borrowers must make at least a 3% downpayment
- The homes cannot be rented after the purchase has closed escrow
- Homes must have a Section I and II pest clearance
- First-time buyers are defined as those that have not owned a home in the past 3 years
Jodi White of the City of Redding indicated available funds should be enough to fund 8-10 home purchases in Redding. They expect a fresh allocation of funds to continue the program once existing funds are depleted. Contact me if you have any questions.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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