Comments Off | Monday, December 7, 2009
Greetings and Happy Happy Monday to You My Beautiful Wonderful San Francisco Bay Area… Hallelujah Hallelujah… the recent extensions for the up to $8,000 tax credits will certainly encourage first time homebuyers to become proud homeowners… but did you know there are other incentives established in various cities throughout our beautiful Bay Area? Cities that participate have their own set of requirements and money allotments to help low and moderate-income households receive extra monies… to assist them in buying their first home… some of the cities will also allow folks who have previously owned homes within a certain time frame to apply … (each city has their own set of rules and guidelines, each city has different maximum amounts of money they will award each applicant and each have their own repayment plans … all depending on need… keep in mind its usually first come first serve until all the allotted amount of monies are used up… you will be required to attend workshops and attend a seminar or two to get into the program… all designed to inform and educate about the process)…
Lots of people have no idea these programs exist or they cant believe they exist.
Lets take the City of San Leandro as an example… when you attend a city run First Time Homebuyer Seminar you will learn ways to get up to $65,000 in home purchasing assistance!!… Over the past 2 years some 20 San Leandro households have made their first home purchase through this program.
San Leandro offers down payment loans up to $30,000 at 3% interest for 20 years. No payments are due for 5 years, nor does any interest accrue during that period. In addition the Federal Home Loan Bank WISH Program may also contribute $15,000, which is forgiven… you never have to pay that amount back. On top of this, the California Housing Finance Agency may lend an additional 3% of the purchase price… which is deferred for 35 years… and with the new extended federal tax credit of $8,000… makes this a huge opportunity for those who qualify for the help!!… San Leandro’s program allows a maximum of $75,000 for 1 person to earn in wages & $85,700 for a 2 person income per year… Buyers must also provide at least a 3% down payment… the home must be purchased in the city limits… more detailed information will be given at the seminars. You may download the city’s First Time Homebuyer Brochure in several languages at…
Please pass this information on to those who can use it and most definitely look into cities you’re interested in… just google City of _______________________…
This is a wonderful thing…
As always… Thanks for checking in… your comments are always welcome…
Come back and visit all the time!!…
Isi
Isi Wu… the realtor for you…
Serving Clients All Over the Eastbay…