Amidst all the banking and lending turmoil, The Corona City Council is considering offering Down Payment Assistance to Corona residents. The Corona Redevolpment Agency is onsidering offering $1.5million in interest free loans for First Time Home Buyers.
We view this as a great step to helping Corona Families purchase one of the hundreds of vacant homes in Corona due to all the foreclosures. As of today, there are 523 homes under $300,000 compared to under 50 a few years ago. We believe this will be a great catalyst to the Real Estate Market in Corona. Although we think the Market is doing Great right now with Supply of Homes the lowest since spring of 2005 and the Sale of Homes the highest since the same time period.
They also offer a great incentive to keeping the buyer to stay in the city for up to 7 years. This allows the resident to get established in this great city. To qualify, buyers must meet income guidelines, be able to pay 3 percent of the home's value, and live in the home at least seven years or pay the city a share of any profits if they sell.
One of the main questions we have is how FHA will handle this Down Payment Assitance from Corona. FHA announced a few weeks ago that they will no longer consider Down Payment Assistance for FHA loans.
We will all have to stay tuned...
Click here to learn more fron the Press Enterprise article
If you are a First Time Home Buyer, please visit our website RobertandChristy.com and click on the Buyers Assistance tab for helpful information on buying a home.
Take care everyone and have a Blessed Day!
:)
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