First time home buyers in Temecula, Murrieta and other cities in Southwest Riverside County and North County San Diego are seeing a shift in the dynamics of the local real estate market.
It might be described as a "perfect storm".
To others it might feel like the "stars are finally in alignment".
It might even feel like a 7.0 magnitude trembler. But no matter how you describe it, the opportunity for you to make the switch from first time home buyer to first time home owner just keeps getting better.
Home affordability in Riverside County is reaching levels not seen since the mid 1990s. It's estimated that close to 70% of Riverside County residents can afford the median price home.
To add to this enhanced affordability for low and moderate income families, Riverside County Redevelopment Agency announced new funding for its First Time Home Buyer Program.
Under the terms of this program, qualified first time home buyers can receive up to 20% of the purchase price for down payment assistance.
To qualify you must:
1) Be a first time home buyer OR have not owned a home in the last three years.
2) Be credit worthy for the first mortgage from a County approved lender
3) Attend a qualified homebuyer education class.
4) Not exceed the income limits, based on family size.
5. Purchase a home within either an unincorporated area of Riverside County or within one of the qualified city locations. Home may be either a bank owned or a short sale.
Important Note: This down payment assistance program may be used in conjunction with the recently announced CALHFA 4% fixed rate financing program.
For more information on the CALHFA 4% fixed rate financing program
To contact a first time home buyer specialist to see if you qualify
Comments (2)Subscribe to CommentsComment