The biggest gripe about the real estate market is affordability.
In fact, in conversations I have had with the "bubblistas", they say the market's problem is that it is not affordable.
Well, according to the L.A. Times help is on the way.
Shortly after attending 12 hours of home-buying classes -- the first rung of the assistance ladder -- they found the brick-trimmed Granada Hills house with beam ceilings they now call home. It was listed at $479,950, a bargain by Valley standards but a stretch for the 37-year-old self-employed construction contractor, his wife who works part time and their family. ...The Maars, along with a growing number of other first-time buyers, owe their good fortune to a variety of programs that serve low- and moderate-income Southern Californians. Most are government sponsored, although some are private. Plus, the changing market has created some foreclosure-buying opportunities.
The programs are provided by California Housing Finance Agency &The Los Angeles Housing Department.
Other Program sin L.A.:
- The Housing department's American Dream Downpayment Initiative.
- Mortgage Credit Certificate Program
- The L.A. County's Community Development Commission sponsors the Homeownership Program
- Fannie Mae's Flexible 97 and Flexible 100 and MyCommunityMortgage program
- Freddie Mac's Home Possible Mortgages
- . The California Assn. of Realtors' Housing Affordability Fund
- The Assn. of Community Organizations for Reform (ACORN)
The article says help is out there, you just have to seek it out in your home town.
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