San Diego County Foreclosures Receive $8 Million to Help Buyers
Category: San Diego Real Estate
Published: Tuesday, August 11, 2009
San Diego County foreclosures buyers received a big helping hand from the federal government earlier this year as nearly $8 million in Neighborhood Stabilization funds were awarded to several agencies to assist with down payments and efforts to buy and rehabilitate San Diego County bank homes. Part of the Housing And Economic Recovery Act of 2008, the funds are earmarked for down payment assistance to middle income buyers and to help cities buy up San Diego foreclosed homes and rehabilitate them for struggling homeowners or to use as transitional housing.
Nationally over $4 billion was allocated to the program. Locally, San Diego County foreclosed homes received $5.1 million, Oceanside foreclosures slightly over $1 million and Escondido foreclosures $1.4 million. The San Diego County funds can be used throughout the county, helping buyers interested in downtown San Diego foreclosures, El Cajon foreclosures, coastal Pacific Beach foreclosures, equestrian or estate sized Fallbrook foreclosures, or any other San Diego bank homes on the market. Oceanside and Escondido are administering their funds directly and those program dollars can only be used in those communities.
Program Funds Lend Down Payments for San Diego Bank Homes
According to the County's Community Development Division, which administers the County funds, the bulk of the money will be used as down payment assistance up to $50,000 per foreclosed house. Buyers apply for the funds after they have found their next dream home and sellers will consider the terms of the program while accepting offers. The program is a win-win for sellers as well, however as once a home is approved for the program, there won't be any delays in closing escrow because a buyer comes up short at the last minute.
Buyers can borrow up to $50,000 for the down payment and homes valued under $200,000 are specifically targeted for participation in the program to help speed up mortgage financing. The down payment loans are for 15-years, and can be forgiven if the borrower remains in the home and does not refinance. Many of the best San Diego County foreclosed homes deals can be found in the $200,000 price range, making this the perfect program for buyers needing a little help coming up with a down payment.
For information on how you can participate in the federal Housing and Economic Recovery Act Neighborhood Stabilization program and get help with the down payment on your next San Diego foreclosures purchasing, contact the experts at Oak Tree Realty Group San Diego. Oak Tree Realty Group San Diego specializes in San Diego foreclosures in every community and our foreclosure specialists can be reached at 1-800-516-7791 for a custom showing.
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