The
City of Temecula Redevelopment Agency
Home Improvement Loan Program for First Time Home Buyers
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
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
' 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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