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
Remember, Don't wait to buy real
estate - Buy real estate and wait.
' 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.
;)
;)
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.