| As homes across the nation fight for attention in a | | | | offers similar programs to help teachers buy homes in |
| buyer's market, first time buyers try to figure out the | | | | local communities. The Extra Credit Teacher Program |
| best ways to access funds. The variety of mortgage | | | | and the School Facility Fee Program offer down |
| options has grown so much in the past decade that | | | | payment assistance, second loan forgiveness and |
| the 30-year conventional loan isn't the standard it once | | | | grants to apply to the costs of buying a home. |
| was. While the market cooled with a decrease of | | | | Other innovative programs to help buyers obtain |
| sales in the first half of 2007, analysts predict a gradual | | | | homes in high priced markets are also available. |
| increase, as the need for homes never disappears. | | | | CalFHA recently introduced a 40-year fixed rate loan. |
| The biggest challenge for anyone looking at homes on | | | | This will benefit first time buyers with lower interest |
| the market for the first time may be coming up with a | | | | rates, lower monthly payments, and better chances of |
| big enough down payment, or obtaining a good interest | | | | getting more potential owners into homes. |
| rate. Fortunately, both federal and state governments | | | | Specific areas of the country, like New Orleans with |
| offer programs designed to make homes more | | | | assistance for hurricane victims, are offering targeted |
| accessible to these first time buyers. | | | | loan programs to help people better afford homes. Los |
| The US Department of Housing and Urban | | | | Angeles County residents can use CalFHA loans for |
| Development (HUD) offers numerous programs to | | | | homes costing up to $591,272. The limit is even higher |
| make homes in revitalization and low-income areas | | | | for homes in targeted homes areas. The San Diego |
| more attractive and accessible. There are programs | | | | Housing Commission also offers first time buyers help |
| for hurricane evacuees, public housing residents and | | | | with down payments and deferred second mortgage |
| Native American Indians. One of the most popular | | | | programs. |
| programs at both a state and national level is what | | | | While loans for homes programs differ from state to |
| HUD calls the Good Neighbor Next Door Program. This | | | | state, a knowledgeable mortgage lender will be able to |
| offers homes at a 50% discount to teachers, police | | | | point you in the right direction. Remember, there are a |
| officers and other public servants if they commit to | | | | lot of people out there who want to help get first time |
| living in the area for 36 months. | | | | buyers into homes of their own. And there are a lot of |
| The California Housing Finance Agency (CalHFA) | | | | programs to support that goal. |