While there is some questions about the National Down Payment Assistance Programs remaining viable for first time home buyers, Shasta County will still be able to continue to help first time home buyers with down payment assistance. This is very good news to first time home buyers in Shasta County and Redding, CA. With the support of these programs first time home buyers still have good opportunity to purchase in this declining market. There is still 100% financing available to those who qualify or through negotiations with the seller. The Buyer has opportunity to ask the seller for seller concessions to cover closing costs. Owning a home can become a reality for the first time home buyer.
The Shasta County Down Payment Assistance Program--requires a final puchase price of $225,000 or less. The Buyer must be in a qualified areas of Shasta County. Property must pass the termine and home inspection. They Buyer must not have owned a home in the last 3 years and must meet income guidelines. There is credit criteria that must be met and the Buyer must contribute 3% of the purchase price. The Buyer must take a class in homeownership, have a stable income and be able to obtain mortgage financing for the purchase. The buyer must use the home as a principle residence.
The Annual Income Elligibility Requirements
Family size
1 $30,150
2 $34,450
3 $38,750
4 $43,050
5 $46,500
6 $49,950
7 $53,400
8 $56,850
Loan Details--The program provides up to 40% of the purchase price with a maximum loan of $80,000. The loan is due when the title changes hands, the home is sold or refinanced, or recipient moves out of the home.
I am Jeanean Gendron and you can reach me at 530 276-7417. I answer my phone. Visit our website to learn about Redding and Shasta County Real Estate.
