10/02/2008

Are You Wanting to Buy, But Waiting?


Trulia just completed a survey on homeownership:

The results from our national American Dream Housing Study conducted by Harris Interactive are in. “70 Percent of Non-Homeowners Have No Plans To Purchase a Home in the Next 12 Months; Nearly Half in 18-34 Age Group Say It’s Too Costly to Purchase a Home in Today’s Market”.

If you're one of the people who are believe that too, (it's true, homes cost more than a nickel) just remember, there are programs to take advantage of (it might put you into the 30%):

Tax Credit - Find out if you qualify for the $7500 tax credit


California Housing Finance Agency - First mortgage loan and down payment assistance programs, including teachers.

County of Orange Mortgage Assistance - First time homebuyers in Orange County areas.

Los Angeles County Home Ownership Program - Down Payment assistance program, buyer education

Long Beach Housing Development - Help for first time buyers with down payment assistance as a 2nd mortgage.
Veterans Administration - For active and retired miliary personnel. No down payment for loans under $417,000, see site for all requirements.
Acorn Housing Organizaton - For moderate-to-low-income buyers with lower credit scores, maximum loan amount $500,000.
National Homebuyers Fund - For first time and repeat buyers. Allows for non-traditional credit and flexible sources of income.
Schools First Credit Union - Located in Orange County, but open to all public employees and their family members anywhere in California. Can use credit union-approved lender only. Cannot own a property in the last 3 years.
CalPERS - California Public Employees Retirement System - Offers a 95/5 program allowing 5% personal loan borrowed against retirement account.
CalSTRS - State Teachers Retirement Servie - Allows for FICO score as low as 620.
Other city and local housing programs include those for Anaheim, Bellflower, Buena Park, Chino, Corona, Fullerton, Garden Grove, Irvine, La Mirada, Long Beach, Los Angeles, Orange County Redevelopment Agency, Westminster Redevelopment Agency. Call me for contact information.
NOTE: The Nehemiah, HART and Ameridream programs are no longer in effect.

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