2011 First Time Home Buyer Incentives in Canyon Lake CA
2011 promises to be an exciting year for first time home buyers in Canyon Lake.
We have the most affordable home prices in more than a decade and interest rates are at their lowest levels in a generation.
To stimulate the Canyon Lake housing market there are a number of first time home buyer incentives available in the form of down payment assistance and special tax credits for first time home buyers.
This post is a summary of those programs along with links to other articles that spell things out in more detail.
Most families qualify for more than one program and you need the help of a first time home buyer specialist to find which program(s) are right for you and your family.
Each first time home buyer program is a little different but they have a few things in common.
1) You must be a first time home buyer or not owned a home in the last three years
2) You must be credit qualified by an approved first time home loan lender
3) You must attend an approved first time home buyer education class
4) You must meet the income limits (maximum based on family size) and sales price limits (maximum)
5) You must be ready to be a homeowner!
1. The most flexible program for first time home buyers in Canyon Lake is the first time home buyer program offered by the State of California Housing Finance Agency (CALHFA).
To qualified first time home buyers this program provides down payment assistance of 3% AND a below market interest rate (currently 4.25%).
If you use this loan program with a qualified Riverside County down payment assistance program your interest rate could be as low as 4%.
This program is available for most homes including bank owned, REOs, short sales and new homes in Canyon Lake up to a sales price of $450,000.
2. Riverside County First Time Home Buyer (FTHB) down payment assistance program - This program offered by the County of Riverside, will lend qualified first time home buyers in Canyon Lake up to 20% of the purchase price for down payment assistance.
This assistance is in the form of a “silent second” which requires no payments as long as it is your primary residence.
Property must be located within the City limits of Canyon Lake and have a maximum sales price of $292,686.
3. Riverside County Neighborhood Stabilization Housing Program (NSHP) down payment assistance program - This program offered by the County of Riverside, will lend qualified first time home buyers in Canyon Lake up to 20% of the purchase price for down payment assistance on foreclosed homes only.
The assistance is in the form of a “silent second” and requires no payments as long as it is your primary residence.
Property must be a foreclosed home within the City limits of Canyon Lake and have a maximum sales price of $292,686
4. Riverside County Redevelopment Housing Program (RHP) down payment assistance - This Riverside County program will lend qualified first time home buyers in Canyon Lake up to 20% of the purchase price for down payment assistance on homes located in unincorporated areas around Canyon Lake.
The assistance is in the form of a “silent second” and requires no payments as long as it is your primary residence.
Maximum sales price is $292,686.
IMPORTANT NOTE: Riverside County down payment assistance funds are limited and available on a first reserved basis.
All of the above down payment assistance programs may be used in conjunction with the special Riverside County Tax Credit for first time home buyers.
other related posts:
- Is it the right time for first time home buyers in Canyon Lake?
- A new tool for first time home buyers-Video
- First time home buyers should you continue to rent or buy?
- Buying your first home a no brainer?
- First time home buyers do you really need a Realtor?
- First time home buyers how to buy your first home - Video
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