First-time home buyers will be able to purchase foreclosed houses in Stanislaus, San Joaquin and Merced counties at discount prices and with reduced-rate loans, Governor Arnold Schwarzenegger announced today.
The new Community Stabilization Home Loan Program will finance the purchase of nearly 100 foreclosed Northern San Joaquin Valley homes, plus hundreds of others elsewhere in California.
The governor said the $200 million program will “pump up” the region’s economy, which has been reeling from escalating foreclosures and declining home values.
“This program will not only make it easier for families to purchase their first home, but will also help stabilize neighborhoods that have homes sitting empty,” Schwarzenegger said. “No one single effort can solve our nationwide housing crisis, but together these measures make an important difference in California’s neighborhoods.”
He announced the new program this morning while standing in front of a foreclosed home in Stockton.
The program will be run by the California Housing Finance Agency. It will partner with for lenders who will sell bank-owned properties at least 12 percent below their estimated value.
Cheryl Washington
Your Real Estate Concierge
mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169
Here’s the link for more information: www.calhfa.ca.gov/homeownership/programs/cshlp.htm
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