The California Housing Finance Agency has announced the expansion of a program to help first-time home buyers purchase foreclosed homes. The program, which previously included a small portion of San Bernardino County, now includes all of it as well as Riverside County, according to a news release.
Under the Community Stabilization Home Loan Program, first-time home buyers are eligible for a low fixed-rate loan and 100 percent loan-to-value to purchase foreclosed homes. According to the release, several financial institutions have partnered in the program and offer sales prices on certain properties dramatically reduced from the current value.
The homes must fall at or under the housing agency’s sales price limits. Families must meet income requirements.
More information: www.calhfa.ca.gov/homeownership/programs/