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Get Money to Buy First Home in Rancho Cucamonga, Ca. by Rancho Cucamonga Homes
Do you want to buy your first Rancho Cucamonga Home but think you might not have enough money for the down payment? The city of Rancho Cucamonga, offers a first time homebuyer program specifically to help overcome this problem. The home you buy must be located in the city of Rancho Cucamonga. It must be a foreclosure owned by the bank and verified as such.
Who is Eligible?
To qualify for the First-Time Homebuyer Program, a buyer may not have owned a home within the past three years. You must meet certain income requirements to qualify. Eligible households cannot exceed 90% of Area Median Income (AMI). For example, a person who is the only member of his household could not have an income over $39,375. It goes up in increments to a household of eight, who could earn as much as $74,250. A buyer must show a need for assistance through Rancho Cucamonga’s First-Time Homebuyer Program.
How Much Money Can You Get?
The buyer must qualify for a first trust deed loan with a Neighborhood Housing Services (NHS) approved lender. The buyer may qualify for a maximum silent second loan amount up to $80,000. The program will loan up to $80,000 towards the purchase of a foreclosed home in Rancho Cucamonga. The purpose is to help the homebuyer with the down payment. Borrowers must still provide a minimum of three percent of the home purchase price to apply toward the down payment and closing costs. This program could be of real value in certain circumstances. The money for this program is on a first come first served basis.
Do You Have to Pay the Money Back?
This is an equity share program. The loan is not forgiven. You must repay the city’s loan plus a share of your equity when you sell the house, refinance it, or no longer live in the home. The equity share is set at 15% from year 1 to year 30; then set at 10% after the 30th year. This means that the city gets repaid plus a share of the profit when your Property value and equity increases over time. It could be worth it to someone who wants to buy a home in Rancho Cucamonga but doesn’t have enough money for the down payment. The city is investing in your home right along with you.
What Other Help is Available?
Neighborhood Housing Services Of The Inland Empire (NHS) administrates the first time homebuyer program for the Rancho Cucamonga Redevelopment Agency. A really nice part of the First-Time Homebuyer Program, is that the Neighborhood Housing Services (NHS) provides free community home buying counseling services to help potential homebuyers resolve credit, debt, and savings concerns. This is an area of real concern to most first time homebuyers.
Where Can You Get More Information?
Participants must attend a Hud approved pre and post-home buying educational workshop. This is good for everyone. The more you know about buying a house and financing the mortgage, the better you will do. For more information regarding this and other first time buyer programs, please visit my website at http://www.rancho-cucamongahomes.com, where you can see homes for sale in the Rancho Cucamonga area. If you need to stop a foreclosure, contact me today!
Who Will Help You?
If you want to buy a home in Rancho Cucamonga, Fontana, Upland or Claremont, or if you want to sell a home, please contact me, Margaret (Peggy) Brooks. I am a dynamic real estate agent in southern California with Keller Williams Realty. For more of the information you need to buy, sell, list or finance real estate in Rancho Cucamonga or the surrounding areas, please visit my website: http://www.rancho-cucamongahomes.com/
About the Author
Margaret (Peggy) Brooks, a real estate agent in Ca. with Keller Williams Realty, can help you buy or sell a home in Rancho Cucamonga, Fontana, Upland or Claremont, Ca. fast! We will negotiate the best deal in the shortest period of time with the least amount of stress for you. List your home or buy a house. Buy your dream home in Rancho Cucamonga today. This is the time to buy a house. Visit our website at: http://www.rancho-cucamongahomes.com/ to see what homes are for sale right now.
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