The
City of Temecula Redevelopment Agency
First Time Buyer Program
The City of Temecula FTHB Program
is designed to provide
loan assistance to lower income persons in the purchase of their first
home. The amount of assistance available depends on the
buyers qualifications and the price of the home. The maximum amount of
assistance is 20% of the
purchase price plus closing costs up to a total of $65,000.
Loan Terms: This is a 30 year 2nd mortgage loan at
5% interest. The loan is deferred for the first 5 years,
then fully amortized in years 6 - 30. If the borrower transfers title,
ceases to occupy the property as his or her principle residence, or
refinances with cash taken out, the loan becomes due and payable.
To Qualify: The purchased cannot have owned a home for
the previous three years. Tax returns will be reviewed and
the buyer must sign a sworn affidavit that they have not owned a home.
Buyer Requirements: The buyer must have sufficient income and credit-worthiness
to qualify for a first mortgage through a participating
lender. In addition, the buyer must provide a minimum of 3% of the
purchase price as a down payment from their own funds and must accept
the highest loan-to-value ratio first loan for which they qualify.
Maximum Home Price: The purchase price of the home is limited only by the
applicants ability to qualify for financing. The purchase
price shall not exceed fair market value indicated by a property
appraisal.
Eligible Properties: The FTHB Program may be used to
purchase any new or
resale home that is 1) in the City Limits; 2) Permanently
affixed to a permanent foundation; 3) has a minimum of 2 bedrooms; and
is 4) currently occupied by the Seller or vacant (tenant occupied homes
are not eligible). The purchaser MUST reside within the home within 60
days of purchase.
The home must be in sound condition and meet housing quality standards
as determined by the RDA and building and safety standards. The
borrower shall agree to maintain the home in good condition and shall
be required to obtain a one-year home warranty as part of the home
purchase.
Qualifying Incomes:
Family Size/
Max Income
1 / $52,100 2 /
$59,500 3 /
$67,000 4 / $74,000
5/$80,400
6 / $86,300 7 /
$92,300 8 / $98,200
For more information contact:
Gene Wunderlich
genewunderlich@earthlink.net
951-205-1911
www:SouthwestCaliforniaHomes.com
Gene
Wunderlich - Selling Southwest California Homes including
Temecula, Murrieta & The Southern California Wine Country
Remember, Don't wait to buy real
estate - Buy real estate and wait.
' City of Temecula - First
Time Buyer Program'
THE
OPINIONS IN THIS
COMMENTARY ARE STRICTLY GENE WUNDERLICH's PERSONAL OPINION. WHILE ANY
REASONABLE &/or RATIONAL PERSON SHOULD AGREE, THESE VIEWS MAY
NOT
REFLECT THOSE OF ACTIVERAIN, COLDWELL BANKER RESIDENTIAL BROKERAGE OR
ANY LOCAL, STATE OR MENTAL INSTITUTION.
;)
;)
This is a phenomenal program in our city. A loan up to 20% of the purchase price that is deferred for 5 years. There should be a line around the corner for FTHB applying for this program. Again, thank you for posting this. I have shared this Blog with my database as well as in my other networks.
Thanks again!