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| State announces home loans for first-time buyers |
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| Written by Jonathan Partridge | Patterson Irrigator | |
| Friday, 25 July 2008 | |
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“It’s going to be very good for very few.” — Peter Kovacs Guild Mortgage The state unleashed a new home loan program this week that aims to give first-time homebuyers a boost in buying foreclosed homes, but only a couple of those homes are available in Patterson. The Community Home Loan Stabilization Program will reduce home prices by 12 percent of their estimated value and will offer low interest rates for first-time buyers. “This program will not only make it easier for families to purchase their first home, but will also help stabilize neighborhoods that have homes sitting empty,” Gov. Arnold Schwarzenegger said when the program was announced Monday. The stabilization program is available in specified ZIP codes, including all those in San Joaquin, Merced and Stanislaus counties. It is supported by $2 million in bonds through the California Debt Limit Allocation Committee. However, only homes owned by Fannie Mae, CitiMortgage, HomeEquity Servicing and Wells Fargo are initially available for purchase. The state is looking to get more lenders on board, said Evan Gerberding, assistant marketing director for the California Housing Finance Agency. “We feel pretty certain other lenders will see the success of this program and will want to join,” Gerberding said. She said there appeared to be lots of interest in the program. CalHFA’s Web site normally gets about 10,000 to 20,000 hits per day, but it got about 80,000 the day after the program was announced, she said. Still, the program is limited in terms of the homes that can be purchased and who can apply for the program. To qualify, a person must have a credit score of at least 680 if 95 percent or more of the home is mortgaged and 660 if less than that is mortgaged. Homes cannot be rented out, and there are limits on sale prices and incomes. On the flip side, anyone who has not owned a home within the past three years can be considered a first-time buyer. Peter Kovacs, managing partner for Guild Mortgage in Patterson, said the program’s limitations may keep it from being as relevant as other existing programs, such as the federal FHA loan. “It’s going to be very good for very few,” he said. Just two Patterson homes appeared on the initial list of homes available through the program. A home at 243 Angora St. is being sold by Chad Costa, a real estate agent with Re/Max Executive in Modesto. PMZ Real Estate agent Randy Brown, who is selling the other home at 624 N. Sixth St. with his brother, Chris, said the house already had received multiple offers before he had heard about the program. Brown said he knew about the new state home loan program, but he was never notified that the house he was selling was included in it. “I think if they do this, they need to make everyone aware,” he said. Still, he said he supported any program that could help first-time buyers purchase a house. “We are always trying to find programs,” he said. For more information: www.calhfa.ca.gov/homebuyer/programs/cshlp.htm
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