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OUT OF FUNDS - Riverside County First Time Home Buyer Program Is Out Of Funds

no money for down payment Just last week I posted that the Riverside County EDA FTHB Program was running out funds fast.

The Hemet Home Loan Guy has received word that they've stopped accepting applications as of today. The applications that were submitted before today but don't have the money reserved yet may or may not receive the down payment assistance.

The RHP also offers 20% down and is very similar to the FTHB. Notable differences? This interest-free and payment-free silent second mortgage is forgiven after 45 years (instead of 15), or if the buyer sells the home at or below the County's affordability limits. Also, this program ONLY works for homes outside of city limits (in unincorporated County areas). One nice feature? The income limits are higher...120% of the median income in Riverside County.

In July, the RHP had over twice the amount available as the FTHB. Where does it stand now?

My office has calls in to the EDA to find out. As soon as I know, I will post it.

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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

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Posted by Hemet Home Loan Guy, Joey Aszterbaum on 09/08/2008 02:33 PM

Comments (7)

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Originally posted at: Hemet Mortgage & Real Estate Blog: OUT OF FUNDS - Riverside County First Time Home Buyer Program Is Out Of Funds

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7 Comments on OUT OF FUNDS - Riverside County First Time Home Buyer Program Is Out Of Funds

SEP

2008

Wow Joey, everywhere we turn there is bad news in the financial market, heck, in the economy. Thanks for letting us know what's happening in Riverside.

SEP

2008

Just wanted to share our story..

We heard about the program 3 years ago and qualified at that time but homes were just too expensive and we could basically afford the equivalent of a shack. We have tried every year since and still home prices were too high. This year, due to all of the foreclosures in the area, we finally qualified for a loan amount that could purchase us a decent home to raise our 3 small children. We were very excited to become homeowners. We are a family who was in great need of these funds, without them we could not buy. We made sure to have every form signed and every verification submitted to our lender within 24 hours of her requesting them. Since August I have tried staying on top of my lender in regards to out FTHB reservation for funds and due to her own negligence she failed to submit the paperwork. Wetried contacting her several times by e-mail, phone, voicemails (as the office is 45 minutes away in temecula) and heard nothing on our file for over 3 weeks!! We finally were fed up and contacted the Wells Fargo office manager who got the ball moving for us but a little too late. We finally signed FTHB paperwork last friday 9/5/08 and were hopeful that we would possibly close escrow on time Sept 28th. Yesterday we happened to be in Temecula and decided to make a trip to the office to check in on the staus of our file. Only to have the incompetent lender say "I'm sorry but the FTHB funds have ran out just today" and that she never had a chance to submit the documents last friday, why? who knows. We are purchasing our home in an incorporated part of San Jacinto and thus we do not qualify for the secondary program either.

We realize that to the lender this was just another house but to us this was our life. Please keep our family in your prayers.

-David and Rhianna Valencia

If you are reading this and know of any other programs similar to FTHB that you think may help please contact us at DRVALENCIA07@AIM.COM Thank you.

This is a shame. We don't need anything else to lower the buyers confidence. We need the govt to step up to the plate to help get us out of the lending crisis that the lenders themselves got us in.

Diane: You don't REALLY want to know what's happening out here! Unemployment is about 9% and we've been in a recession when everyone else has been wondering. Housing is off 50-60% in many neighborhoods. Yikes!

David & Rhianna: Your story just breaks my heart! I'm so sorry. I will most definitely contact you via email and see what other opportunity we can wrangle.

Allen: Well, lest I give the wrong idea...they did give away over a million dollars to help people, and have millions more with the RHP program. But it does help all of us to have these grants for the people who need them. Thanks for visiting!

SEP

2008

the numbers definitely do not give consumers the confidence they need. A rate cut this week would be a good shot in the arm

MAR

Rhianna I completly understand!!! We are in the exact same situation. We were so excited to buy and new about the program that was available, then we heard that it was suspended. We are so sad right now I have been online looking for any other help to cover the down payment. I will pray for your family. God knows our needs and we just have to keep the faith. The sad part is that our 11yr old was so thrilled to get a new home where she could paint the room any color she wanted.

Best of luck to you and yours!!!

Dawn

MAR

David, Rhianna and Dawn...

UPDATE: The FTHB program has two 'sister' programs that are funded and are very similar, the RHP (Redevelopment Homeownership Program) and the NHSP (Neighborhood Stabilization Program).

For more information, call 951.571.5751 or visit the Riverside County EDA website.

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