SHRA announced yesterday that the received their allotment of CalHome funds for 2010. This is an excellent program for eligible and qualified 1st time buyers (or buyers buying in the target areas) of the City of Sacramento and the unincorporated County of Sacramento. This is a 3% simple interest loan that is recorded as a second lien against the property. There are no payments required until the home is sold or the first mortgage is paid off. This program may be used with the Mortgage Credit Certificate program.
Eligible and qualified buyers can get 20% of the sales price up to $36,000 to do the following
>Pay the down payment
>Pay the borrowers non-recurring closing costs
> Pay down the first loan to get the borrowers housing ratio to between 28% and 40%
Borrowers must attend a homebuyer education class from either the Sacramento Home Loan Counseling Center http://www.hlcc.net or NeighborWorks Homeownership Center http://www.nwsac.org/workshops/.
For more information on how this program can benefit you, call me!