Counties and Cities offer Money for First Time Home Buyers purchasing homes in their Cities

In efforts to stimulate home buying, Cities and Counties throughout L.A., Orange County and Riverside and San Bernardino Counties are rolling out programs that give incentives to first time buyers purhcasing homes. Among them, Los Angeles County's Housing Economic Recovery Ownership program is set to launch March 17, 2009. It will offer interest free 2nd 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 3 years preceding the purchase of their home. Single family foreclosed homes are eligible in designated areas or tracts with a maximum price of $493,000 and foreclosed attached homes up to $394,250. No repayment of the 2nd trust deed is required until the home is sold, transferred, refinanced or no longer owner occupied. The program will require qualified applicants to complete an 8 hour homeownership course from an approved U.S. Department of Housing and Urban Development counseling agency. The county has set aside $10 million for the effort. More information is available at the following website link: http://www.lacdc.org/CDCWebsite/HDP/HERO.aspx?id=2848 In Riverside County, the city of Corona’s Redevelopment Agency has reinstated its Home Owner Assistance Program for first time home buyers. The agency will contribute the 20% down payment to purchase a foreclosed home up to $350,000. The city has received alot of applications since January and spent more than $750,000 of the $1.5 million allocated to the program. After the first $1.5 million is spent, Corona Redevelopment Agency indicated they may earmark another $1.5 million. Visit their website http://www.discovercorona.com/ for additional information.