Two days ago I reported that the Riverside County's First Time Home Buyers Program is Out of Funds!

I ended the article with this statement: "The Riverside County Economic Development Association's fiscal year ends in June. I haven't received word whether or not the funds will be available in July. Stay tuned."

I have word from Bernadette Cruz from the Riverside County EDA that the program should be funded at the beginning of their fiscal year (July or August).

This is good news for first time home buyers with lower-than-average incomes in Riverside County (Hemet, San Jacinto, Murietta, Temecula, Idyllwild and the surrounding areas).

The program offers up to 20% (maximum $75,000) down payment assistance. The buyers are not required to make any payments on the down payment assistance, and if they kept the home for 15 years the second mortgage is forgiven.

Joey Aszterbaum is the Hemet Home Loan Guy and a member of the Active Rain social network of real estate professionals. Patrion Mortgage is a direct lender and a division of Altura Credit Union (formerly Riverside County's Credit Union). To buy or refinance real estate in Hemet, Riverside County, California visit www.HemetHomeLoans.com or call 951.571.5751