The myth of Temecula's first time home buyer program?

Fthb09
Home Buyer
Temecula, CA

Is there, or is there not money for first time home buyers? My lender in Temecula says there is still 1.5 million left for first time home buyers in Temecula. He said that realtors tell people there isn't because they don't want to deal with the paperwork. Is this true or not? Some of us could really use that extra help for a downpayment/closing costs.

Answers (3)
Jane Grant - 866...
Broker
Temecula, CA

The program ran out of money and then received more funding which is why there is some confusion. I don't think it is that Realtors don't want to do the paperwork. After all the lenders do the paperwork. I agree with Richard Greenwood regarding Steve Gronlund. He is an excellent lender and is on top of this program.

I also agree with Micky that there are many restrictions as I am sure your lender has informed you of.

Good Luck!

Web Reference: http://www.soreal.biz
Sat Jun 13 2009, 07:19
Micki O'Toole
Agent
Riverside, CA

Ftnb09,
If your lender is telling you it's still available and they are one of the approved lenders on th RDA's list then I say it's more than likely still available. I did try to contact the person on their web site for confirmation and his voicemail indicated that he was busy processing numerous applications and would be a while in getting back to messages. So it sounds to me like there are still funds available.

And unfortunately there are indeed agents who don't want to deal with this type of program which is a shame in my opinion. I work with mostly first time buyers and wish more cities had these funds still available, as the Riverside County program leaves a lot to be desired and is not currently feasible to utilize in this market with the restrictions on it.

Just in case, here is the link for the program you cited. Have your lender start the process with you so you can be assured of funds and then find a realtor who will be happy to assist you in this endeavor.

http://www.cityoftemecula.org/Temecula/Government/Redevelopm…

All my best,
Micki
Micki@InlandExperts.com

Fri Jun 12 2009, 15:06
Richard Greenwo...
Agent
Temecula, CA
FIRST ANSWER

Check with an experienced LOCAL loan offer like Steve Gronlund who is a Certified Mortgage Planner
Visit his website at http://equityplanningforlife.com and/or call him at 951-695-0901

Fri Jun 12 2009, 14:53

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