You may have heard in the news about Federal funds coming to our communities as downpayment assistance for targeted zones hard hit by foreclosures. Riverside County just announced it's funds. Los Angeles County and City will be releasing their funds at the end of this month.
These are funds that help low and moderate income buyers by providing down payment assistance (generally $50,000 to moderate, $75,000 to low income buyers) and up to $50,000 in repair/rehab money for foreclosed homes in targeted map areas. The down payment assistance is generally shared equity, and requires no monthly payment - therefore, your buyer can afford more home at the same monthly payment.
The links below provide some additional information. Holding open houses in these areas will also allow us to advertise : This home may be eligible for up to $75,000 in down payment assistance! Just think of the response from buyers - and their loyalty to you, if you are up to speed and understand how they can qualify for these Federal TARP funds.
http://www.rivcoeda.org/Default.aspx?tabid=1308
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