Home Buyer Assistance Programs

Several cities in the North County offer home buyer assistance programs, primarily with Down Payments and Closing Costs and depend heavily on the availability of funds for the programs.  In April 2009, these funds may be difficult to obtain however there are programs available as part of the President's Stimulus Package.

These programs are usually directed toward 1st time homebuyers or homebuyers who have not owned a home within the past three years but who can otherwise qualify for a loan with an approved lender.  

Even before the current downturn, it wasn't unusual to find 1st time homebuyers with good credit and a well paying job but little cash for a downpayment and closing costs.  That's what these programs can help you with.

Click on a link to go to a particular North County city program:

Check with the city or cities in which you are interested in living for the availability of their specific program(s).

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

 

Interested in Foreclosures?

Free lists of foreclosures are available from many different sources and I am one of them.  If you're interested in receiving a regularly updated list go to the North County Foreclosure List, complete the required form and send it to me. 

I'd like to be your realtor if/when an opportunity presents itself to do so.  However, there is no obligation if you choose to receive a list and you can unsubscribe at any time.

If you have any questions, feel free to give me a call (760) 271-4302 or send me an email Joe@JoeEsther.com.

 

 

 

Updated: May 10, 2009