12/15/2009

A First Time Buyer Story in Surf City USA

The City of Huntington Beach did not seem like a likely place to find an affordable first time buyer program. During the high point of the market, it was tough to find a single family home there under $600,000. The home of the Seacliff and other high end developments located within a stone's throw from the coastline were not within reach of the average buyer needing down payment assistance. But that's all changed. Huntington Beach is now offering a program giving up to 20% of the purchase price, not exceeding $100,000, as down payment assistance in the form of a silent second mortgage loan at zero percent interest.

As of August 2009, the maximum purchase price is $515,000, a minimum 3% contribution from the borrower, and annual income limits apply: Between $72,300 maximum for one person up to $136,350 for a family of 8 persons in one household. This and similar programs are for buyers who intend to occupy the property as their principal residence.

So how many houses or condos currently on the market might work for this program? There are currently 124 houses and condos in this price range in Huntington Beach. One of them might be for you and your family, if you fit the qualifications of this program. A 20% down payment at zero interest is an opportunity not to be overlooked. If you have the 3%, or $15,450, for your contribution, plus meet the lender's other loan requirements, please call me for more details on this program and finding a lender who can carry out this program.

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