Southern Cali Giving Free Loans to First Time Homeowners

Los Angeles County is giving interest free second trust deed loans of $50,000 to $75,000 to first-time borrowers who do not already own a home or for those who have not owned a principal residence for three years preceding the purchase. So lets see Obama is handing out $8k. If the house is new California will hand out $10k. Buwah! Its like 2004 all over again!

n an effort to stimulate home buying, cities and counties throughout Southern California are rolling out programs that give incentives to first-time buyers.

Among them, Los Angeles County’s Housing Economic Recovery Ownership program is set to launch March 17. Single-family foreclosed or abandoned homes are eligible in designated census tracts with a maximum price of $493,000 and foreclosed or abandoned attached homes up to $394,250. No repayment of the second trust deed is required until the home is sold, transferred, refinanced or no longer owner-occupied.

But you have to go to house school, an eight-hour home ownership course from an approved U.S. Department of Housing and Urban Development counseling agency.

Not to be outdone Riverside , the city of Corona’s Redevelopment Agency has reinstated its Home Owner Assistance Program for first-time buyers. The agency will contribute the 20% down payment to purchase a foreclosed home up to $350,000.

In Riverside County, the city of Corona’s Redevelopment Agency has reinstated its Home Owner Assistance Program for first-time buyers. The agency will contribute the 20% down payment to purchase a foreclosed home up to $350,000.