City of Temecula - Home Improvement Loan for FTHB Program

By
Real Estate Agent with 1st Action Real Estate
The City of Temecula Redevelopment Agency
Home Improvement Loan Program for First Time Home Buyers


The City has determined that many homes eligible for the First Time Homebuyer Program are in need of some repair. In the current market many of these affordable homes are Bank-Owned properties that may have suffered some distress either at the hands of former owners or through neglect and vacancy. This program is designed to work in tandem with the First Time Homebuyer Program.

Property Type:
Single Family detached homes, condominiums, townhouses and manufactured homes on a 433 permanent foundation.

Property Location:
Within Temecula City Limits

Maximum Amount:
$10,000

Loan Terms:
A ten year loan at 5% interest. The loan is forgiven on the maturity date if the terms have not been breached. If title to the property is transferred, the borrower ceases to occupy the property or the first mortgage is refinanced with cash taken out the loan becomes due and payable immediately.

Requirements:
The application must be processed concurrently with the First Time Homebuyer Program.

Eligible Repairs:
Housing staff will perform a pre-inspection of all work to be done to determine eligibility. Eligible repairs include, but are not limited to:
  • Code items
  • Deterioration of structure or fencing
  • Repair or replacement of roof
  • HVAC systems, wall heater or evaporative coolers
  • Windows, Screens, Garage Doors & Entry Doors
  • Exterior Painting
  • Electrical
  • Non-working or missing major appliances
  • Repair items damaged by neglect, vandalism or theft
Participant must obtain a minimum of 2 bids from licensed contractors. All work must be inspected by housing staff or building inspectors prior to payment. Payment may be made directly to the approved contractor or to the homeowner as reimbursement.

Qualifying Income:

Family Size /
Income            1 / $52,100    2 / $59,500    3 / $67,000    4 / $74,400    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
subscribe to my blog                    southwestcaliforniaghomes.com

Remember, Don't wait to buy real estate - Buy real estate and wait.
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' City of Temecula - Home Improvement Loan for FTHB'
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.
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Goodness.  You're developing a real arsenal of programs for first time home buyers.  This is a good one too. 

Banks just love to hide their heads in the mud when it comes to condition.  They have no sense of the risks for home buyers with limited resources buying the junker homes the banks try to unload on the public.  Mmmmm.  I think I need to write about that.

However, what we've found is that they will work with 203(k) programs and that's what we use. 

We don't have anything like what you've described in this post, but 203(k) works great.

 

Dec 10, 2008 09:00 PM #1
Rainer
14,689
Jonas Kruckeberg
First Priority Financial - Temecula Murrieta Mortgage - Temecula, CA
Temecula Murrieta Mortgage

Gene,

I'm happy to see you are providing this information to potential home buyers.  The more education we provide as professionals the better off we'll be. 

Yes 203k Streamline programs work great, but with this program it allows the FTHB another opportunity than FHA which can be rather strict.  I've created a video series on FHA 203k Streamline, but again this program you've posted is certainly another fabulous item in our arsenal.

Thanks Gene

Dec 11, 2008 03:44 AM #2
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Gene Wunderlich

Realtor & Legislative Liaison
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