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City of Temecula - Home Improvement Loan for FTHB Program
The City of Temecula Redevelopment Agency Home Improvement Loan Program for First Time Home Buyers The City has determined that many homes eligible for the First Time Homebuyer Program are in need of some repair. In the current market many of these affordable homes are Bank-Owned properties that may have suffered some distress either at the hands of former owners or through neglect and vacancy. This program is designed to work in tandem with the First Time Homebuyer Program. Property Type: Single Family detached homes, condominiums, townhouses and manufactured homes on a 433 permanent foundation. Property Location: Within Temecula City Limits Maximum Amount: $10,000 Loan Terms: A ten year loan at 5% interest. The loan is forgiven on the maturity date if the terms have not been breached. If title to the property is transferred, the borrower ceases to occupy the property or the first mortgage is refinanced with cash taken out the loan becomes due and payable immediately. Requirements: The application must be processed concurrently with the First Time Homebuyer Program. Eligible Repairs: Housing staff will perform a pre-inspection of all work to be done to determine eligibility. Eligible repairs include, but are not limited to: Code items Deterioration of ... more

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