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