Joey - Long time no see man.  That's the cache to some of these First Time Home Buyer Programs.  There is a certain amount of money available and then goes away...it's hard to say when there will be enough funds to reinstitute the program.

Jason: Same to you...thanks for stopping by! I don't know how many years it's been since this one ran out of funds, but it's been a while. The bummer is that I had several first-time buyers pre-approved for the program and didn't get a call from the Riverside County EDA. We found out on accident. That's not the type of news you like to call out to your clients...bummer. Come back soon.

Such a generous program, I'm surprised it lasted at all. This is great info though :)

MWA! 

Joey, it almost sounds like good news/bad news.  It is good that you have had so many first time home buyers that were able to take advantage of the program but bad news for the first time home buyers that were waiting in the wings.  The face of your industry has really changed in the last year, hasn't it?  It seems like it was about 10 years ago. 

JenJen: You know, it sounds really generous, but the income restrictions are pretty strict. Two years ago the only people who could qualify for the first mortgage made too much to get the County help! The worst part is that it's such a great time for first time buyers in Hemet, but now that this is gone there are no 'no down' programs. I suppose that's a good thing? Some people argue it is. I don't, only because I've helped a lot of good people buy their first home with nothing down. Heck...that's how I bought my home.

Marchel: True. I wasn't around 10 years ago, but we're getting into what we call 'vanilla funding'. In other words, there aren't the thirty-one flavors of mortgage loan programs there used to be. It's a full doc, come in with 3% or more world.

My wife and I are looking to buy our first home, we were excite to find out that there was such a generous program that helped up to 20% of the down plus closing cost.  Then reality hit when we saw your post, darn it seems we are always late to react at a good opportunity.  Is waiting for July a better gamble than to attempt with a FHA loan?  Will there be such a program in July with fresh funds?

Eddie: The program is great. I can tell you if you qualify so that you know whether or not to wait. It does have some tight income restrictions, so waiting until July or August might not be in your best interests. Call me.

Thanks for the response, I have been doing some research and from the looks of it we do qualify on all the requirements.  We are in process of getting pre-approved for an FHA but we would of loved that help they had to offer.  It seems like there are other gov grants out there but they seem a little tougher to get, hope we can find one 

Eddie: Thanks for coming back. If you have any questions about the process, or if you'd like a second opinion on that FHA loan, give me a call. Take care.

Had potential clients contact me about this today.  Someone told them that they could get the 75k easily (They are both Dr's by the way) and they could not understand why I was telling them a different story. They are convinced that they have non restrictive access to this money and spoke with another local agent (Would not divulge) who has some "super secret" Access to these funds and advertises this right on their site (I havent found it yet)....oh boy, what has this world come to? At least they have my info when they find the truth.

It looks as if Hemet wont even be a part of the County program any time soon. Hemet and San Jacinto have been taken off of the Counties list of participating Cities. Possible good news is that the majority of the Valley is unincorporated Riverside County so....if the money is out there, you may be able to get it if in the County areas! That is...unless the program is restricted to Cities only and, only then, with City participation.....Keep us posted on what you find.

FTB Assistance Program Parameters 2007

Chris: Glad you stopped by. Hemet City Council is sponsoring a lunch on Wednesday for the local mortgage community, and the Riverside County EDA is going to be there. I have a feeling that there is change in the air and that Hemet may consider participating in the first time home buyers program. I will attend this informal gathering and discussion and report on it.

It would certainly be in their best interests to do so but......I do hope they can see the forest through the tress on this one. I would love to be there but....have to perform my civic duty every Wednesday. Please take good notes and get the details to me.