Jul 21, 2008 12:54 pm US/Pacific
State Has New Program For First-Time Home Buyers
STOCKTON (CBS13) ―
First-time home buyers in some of the state's hardest hit areas could be getting some help from the state.
Today, Governor Schwarzenegger announced a new $200 million home loan program to help first-time home buyers purchase foreclosed homes.
The program called 'Community Stabilization Home Loan Program' will offer eligible homebuyers below-market interest rates to buy certain foreclosed homes.
"We have taken a number of actions to help prevent foreclosures, but we also want to address the many already-foreclosed-on homes that sit vacant in our neighborhoods today," said Governor Schwarzenegger in a statement released today. "This program will not only make it easier for families to purchase their first home, but will also help stabilize neighborhoods that have homes sitting empty. No one single effort can solve our nationwide housing crisis, but together these measures make an important difference in California's neighborhoods."
The program will be available in ZIP codes identified as the most impacted by foreclosures in California including Riverside, Stanislaus, San Joaquin and Merced counties.
The homes must fall at or under CalHFA's sales price limits and families must meet income requirements. For more information, you can go to
www.calhfa.ca.gov.
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