PRLog - Nov. 11, 2011 - RANCHO CUCAMONGA, Calif. -- Do you want to buy a home in Rancho Cucamonga Ca.? Do you need help coming up with the sizeable down payment necessary to buy a home in today’s market? The city of Rancho Cucamonga, offers a first time homebuyer program to assist with the purchase of your first Rancho Cucamonga home. To qualify, you must buy a foreclosure in Rancho Cucamonga.
Margaret (Peggy) Brooks
Is This For You?
A buyer must show a need for assistance through Rancho Cucamonga's First-Time Homebuyer Program. 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).
How Much Assistance Can There Be?
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 foreclosure 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.
How Long Can You Keep The Money?
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 Services Are 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. For more information visit my website at:
Is There Education Too?
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-
Where Do I Start?
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 professional 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-
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Peggy Brooks of Keller Williams Realty will help you buy or sell your home in Rancho Cucamonga, Fontana, Upland or Claremont. We will negotiate the best deal in the shortest period of time with the least amount of stress. Please visit our website.