California home buyers can get $ 200,000 for the batch offered
The home buyers can now be applied for the first time in the California Gulf area, which is struggling in order to provide a batch of a loan of up to $ 200,000 through a new program that seeks to help low -income people on the real estate ladder.
Newsweek Contact TRUST Valley to comment on Tuesday.
Why do it matter
Golden State is one of the most expensive housing markets in the country, as the Grand Gulf region has reported its own high prices. In February, the latest data on RDFIN was on the Internet, and the average price of the house in California was 832,500 dollars, an increase of 6 percent over the previous year and almost 70 percent higher than it was in February 2020, when it reached 565,400 dollars. In San Francisco and San Jose, the average price of the house in February was about $ 1.4 million.
With the continued rise in the prices of homes and the mortgage rates are still hovering between 6 and 7 per cent, many of the ambitions of the aspiring home in California – especially those that practice low income levels – were pushed into the market margin and were forced to put their dream in ownership of homes.
Patrick T. Fallon/AFP via Getty Images
What do you know
The Housing Trust Silicon Valley, a non -profit organization in San Jose – gives those who are trying to buy a house in the Bay Greater Area Propertance area up to 40 percent of the purchase price at home, up to $ 200,000.
Just home buyers for the first time who buy an initial stay in Alaeda or Contra Costa County can apply. Applicants must have a total income for the family not exceeding 80 percent of the average area of the region for the country where the property is located, taking into account all adult family members.
In both Alameda and Contra Costa, the maximum family income cannot exceed these sums:
- The family of one person: 84,600 dollars
- A two people: 96,650 dollars
- Three people family: 108,750 dollars
- Four Persons: 120,800 dollars
- Five People: 130,500 dollars
- Six people: 140,150 dollars
Additional requirements include obtaining pre -restrictions from a participating lender in the program before applying; Get the minimum payment of 3 percent of the home purchase price; The Ministry of Housing and Urban Development is completed from eight hours through the specified agency.
The qualified applicants will then be able to obtain the assistance of payment payments of up to $ 200,000, depending on the price of the property that it intends to buy. This can be a home, home or one -family apartment in one of the two provinces.
What are the conditions of the loan?
Ophthalmic paid aid is a 30 -year -old loan that carries a small interest rate, which accumulates annually. This means that there are no monthly payments, but the loan must be paid at the end of the 30 -year period. The interest accumulates on the main loan amount until the manager is paid.
The loan is due before that date if the buyer decides to sell the property before the end of the period.
The ambitious home buyers must put some of their money towards the batch provided. Under the conditions of the program, borrowers must contribute at least 3 percent of the home purchase price.
In Olaida Province, the average price of the house for the house was $ 1,117,500 in February, an increase of 1.8 percent on an annual basis, according to RDFIN. In Contra Costa Province, it was $ 785,000, an increase of 1.9 percent from the previous year.
What happens after that
House buyers can ask for the first time who think they may be eligible for the program Send the interest form. Silicon Trust Housing said it would respond to the parties concerned within three working days.