There are new avenues available to help home buyers purchase a home. And as listings agents, this provide you with ways to make your listings more attractive to buyers.
A number of cities throughout the U.S. have seen property value fall, foreclosure rise, and a lot more empty houses. All which make for lower property taxes and lower revenue for the cities.
Our research shows that one particular city in California has taken a different approach to getting houses in their city sold. Perhaps some of the cities in which you sell properties have a similar program.
In Fountain Valley California, located in Orange County and near Huntington Beach, city officials have created a first time home buyers program whereby the City of fountain Valley will provide down payment assistance in the amount of $50,000 for a one bedroom unit; $100,000 for a two bedroom unit; or $150,000 for a three or more bedroom unit. The funds are provided in the form of a forty-five year loan with interest and payments deferred for the first ten years of the loan. The loan is secured by a second trust deed in conjunction with a first mortgage offered by a participating lender.
Savvy agents in this area are working to combine this program with other federal and state incentives.
While this program is for a California City, you should check with cities in your area, especially those experiencing high foreclosures and property vacancies, to see if they are offering similar programs.
The goal is to get your listings sold. By becoming knowledgeable about various housing rebate and assistance programs, you can become known in your community as the person to “go to” for real estate. Thus bringing you more listings and buyers.
Where to Get Information
If you cover the California real estate market, you can get information on the Fountain Valley city funds program – click here. For other cities, start with your city housing and community development departments.