Great news today. Many of our communities have assistance programs for low income household to provide them with various assistance to get a home, however many of these are not funded. A good example is the city of Roseville's assistance program where there is a minimum of a 1 year wait and priority is given to city employees (great program if you are a city employee). The city of Rocklin and Lincoln have similar programs, but lack funding. The Obama administration may help fund more of these programs as reported below:
The U.S. Treasury is contemplating a new program that would provide as much as $15 billion to purchase tax-exempt mortgage bonds issued by states over the next three years.
The program would be beneficial for low-income home buyers who have long depended on state programs for low-interest mortgages. States have been unable to offer these mortgages in the last year because they haven't been able to sell mortgage bonds. This program would solve that, according to the National Council of State Housing Agencies.
Details are expected to be announced on Sept. 30.
Source: Bloomberg, Dawn Kopecki (09/28/2009)
Give me a call if you would like more details on local buyer assistance programs.