The Realtor - Real Estate Blog

KTLA News

March 17, 2009

RIVERSIDE — The Riverside County Board of Supervisors is expected Tuesday to approve using part of a $48.5 million federal grant for a county program that provides downpayment assistance to first-time homebuyers trying to purchase foreclosed properties.

Under the Neighborhood Stabilization Homeownership Program, $9.7 million would be set aside to help qualifying low- and moderate-income residents purchase vacant foreclosed homes in 15 cities and 9 unincorporated communities in Riverside County.

The requirements for homebuyer assistance are:

— An applicant cannot have owned a home in the last three years;
— A successful applicants must complete an 8-hour course on the essentials of homeownership and the responsibilities of homebuyers;
— the applicant’s gross household income cannot exceed 120 percent of the county’s median income, which for a family of four would be $79,900;
— the applicant must be purchasing a foreclosed or abandoned home in the county;
— the purchase price cannot exceed $293,000.

Riverside County has the fourth-highest foreclosure rate in the state.

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For more information call me today at (951) 532-1943.

The housing bust is creating a new group of winners: first-time home buyers. People who sat on the sidelines — often watching wistfully as their friends became homeowners — are suddenly in a position to grab some great deals. Indeed, first-time home buyers made up 41% of all buyers at the end of 2008, up from 36% in 2006, according to a recent survey from the National Association of Realtors.

The new buyers are being lured in by home prices that are down about 25% from their peak levels in mid-2006, according to the S&P/Case-Schiller Index. If you are a buyer sitting on the fence and not sure if taking the plunge is the right choice for you, contact us today for a free no obligation consultation.

Many first time home buyers are very excited with the whole buying home process. They spend hours, days and at times weeks looking at homes. The excitement keeps them going week after week. However, once they find a home they like and are ready to take the next step… They hesitate and double question themselves, at times costing them to lose the home to other buyers.

With the market at rock bottom, there is no time to hesitate when a buyer finds a home they truly love. Hesitation can put you out of the home or into a bidding war against other potential buyers. Recently, I found a couple an excellent REO property that had just come on the market that morning. The property was listed at $62,000 under market value and due to hesitation the couple lost the property within two hours of viewing the property. By 5:00 pm that same day, the listing agent had received nine offers.

So if you find a home you like and at a price you can afford…Don’t wait for someone else to take it away.

As we continue to read it in the paper or listen to it on the news those famous words “House prices have dropped” or “The highest foreclosure rate in many years” people continue to wonder if this is a good time to buy. As a first time home buyer, the answer is…Yes, Yes and Yes. First time home buyers can take advantage of all the bank owned properties on the market. Not only will they have plenty to choose from but also the first time home buyer can take advantage of all the new FHA loan programs. Some programs allow you to go in with as little as 3% down and for the buyer with the right score, you can go in with “Zero” down payment. For more info click here.

So your thinking of buying your very first home. Congrats! You have taken the most important step you could take. Now comes the fun part. Buying your first home is probably the most important and biggest decision you’ll ever make. Therefore, its very important you have a clear idea of how much you can afford and what types of financing options are available to you as a first time home buyer. In most parts, you will be able to borrow up to three times your yearly salary. With that in mind, the next step would be to find a reputable financing company to help with you your loan. In an effort to attract first time home buyers, lenders will sometimes offer several affordable mortgage options, which can help you overcome obstacles that made home purchasing impossible in the past. Some of the options that the lenders give based on each individual is as low as “Zero” down payment. For example, many federal agencies such as the Federal Home Loan Mortgage Association, better known as Freddie Mac, and the Federal National Mortgage Association, or Fannie Mae, usually offer low down payments to first time home buyers. In some cases, first time home buyers may be facing credit problems and may need the assistance of other government agencies like The Federal Housing Administration. Some first time home buyers may even qualify for a conventional loan from a bank. Many times, lenders will offer special discounts to first time home buyers to help with their purchase. For more information on financing your first home, give us a call at (951) 532-1943, your real estate professional.

With the number of short sales, foreclosures, and bank owned properties, one would believe the housing industry has come to a complete halt within the community of Eastvale. However, the streets of Eastvale tell a different story. Yes, short sales, foreclosure and bank owned real estate signs align the many streets within the community but that has not yet stopped buyers from looking for that one great deal. With the housing prices at a ultimate low and interest rates continuing to drop, many home buyers are turning to Eastvale, to cash in on its future and current growth. As shops, restaurants and businesses continue to pop up around town, Eastvale shows much promise.