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Home loans available through FirstHOME program

Posted: June 29, 2010 1:59 p.m.
Updated: June 30, 2010 8:30 a.m.
 

The city of Santa Clarita is inviting city residents to add their names to an interest list for the next round of home loans through the FirstHOME Program.

Made possible via a grant from the state's Department of Housing and Community Development, FirstHOME assists eligible low- and moderate-income families in purchasing their first home.

The FirstHOME program offers a low-interest, deferred-payment second mortgage to be used as a down payment on a home inside the city of Santa Clarita limits. The household income limits vary with household size.

An interest list is being developed for informational meetings to be held in September 2010. All those on the interest list will be informed by mail of the date and times of the meetings when they are set. Several dates and times will be available and loans are anticipated to be available early in 2011.

"As the housing market continues to fluctuate, the city remains committed to assisting homebuyers through successful programs like FirstHOME," Mayor Laurene Weste said.

Homes purchased through the program may be single family or condominiums. Mobile home purchases are not eligible.

Loans can not exceed 50 percent of the sale price of the home. Additional limits on the number of bedrooms and total loan amounts also apply.

A self-evaluation questionnaire and program description are available by going to santa-clarita.com/housing and clicking on FirstHOME.

Funding is limited and demand for FirstHOME is very high, so those who attend the informational meetings will be entered into a lottery for the opportunity to apply for the program.

Applicants who have lived or worked inside the city limits for at least the last 6 months will be given priority in the lottery.

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