Success in Using Santa Cruz First Time Home Buyer Programs
In a previous blog I wrote about the many different Santa Cruz First Time Home Buyer programs offered through Santa Cruz County & City of SC, Watsonville, Scotts Valley and Capitola.
I have a recent success story in using the County of Santa Cruz Downpayment Assistance Program that I would like to share. My clients were a young family, just had their first child in fact. Their price range was about $250k and we were looking at homes in that range in the San Lorenzo Valley area. We had found some OK homes but nothing to get too excited about. I suggested that we look into some of the Santa Cruz first time buyer programs and recommended they speak with an excellent lender I work with that has the system dialed.
The lender was able to qualify them for the County of Santa Cruz Downpayment assistance program - This bumped up their purchase price ability to $350,000 while actually keeping their payments much lower. The County of Santa Cruz gave them a silent second loan of $150,000 at 3% simple interest - Great deal!
With this extra help from the County of Santa Cruz first time buyer program we were able to go out and find them a very nice home with all the features they really wanted. We also qualified them for the Santa Cruz County Housing Grant Foundation program and they got an additional grant of $2000 for their closing costs.
Needless to say the buyers were ecstatic, they were able to purchase a lovely home that they will raise their family in for years to come. I remember the first time I sat down with these clients and they asked ' Do you really think we will be able to buy a home?' Heck yes I said and here we are today and they are moving into their home and never looking back. The fact that their mortgage payment is significantly less than what they were paying in rent makes you feel good too.
I have to thank the County of Santa Cruz Downpayment Assistance Program for this one, what a great program!
If you are a first time buyer in Santa Cruz area and would like to hear more about the programs offered for you, feel free to contact me at 831.419.9345 or via email at cjess4homes@yahoo.com
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