The San Jose Consortium, which includes the Housing Trust of Santa Clara County, the City of San Jose, and Neighborhood Housing Services of Silicon Valley, is sponsoring a workshop on Tuesday, February 12, 2013 focused on the Purchase Assistance Loan Program and the San Jose Dream Home program.
This workshop and program is especially timely, given recent news coverage about the number of all-cash investors that may be “squeezing out” first time homebuyers. Pete Carey addressed this phenomenon in a January 7, 2013 article: “Bay Area real estate market bolstered by investments from China,” where he cited data that investors accounted for about a quarter of all Bay Area sales in November 2012.
DataQuick shared other interesting statistics in a January 16th release: Rate of Recovery for Bay Area Real Estate Speeds Up, including that 25.8% of Bay Area homes purchased last year were bought by “absentee buyers, mostly investors.”
The Purchase Assistance Loan (PAL) program is a 0% deferred second loan of 20% of the purchase price or $50,000, to assist qualified homebuyers purchasing a foreclosed or short sale home in designated census tracts within the City of San Jose. The Dream Home program enables eligible homebuyers to purchase a newly renovated foreclosed home with green building features and offers attractive deferred secondary mortgage financing. The second mortgage is a 3% simple interest loan of up to 20% of the purchase price of the Dream Home.
Home Buyer Assistance Workshop
DATE: Tuesday, February 12, 2013
TIME: 6pm to 8pm
LOCATION: Edenvale Branch Library, 101 Branham Lane East, San Jose CA 95111
WHO: Homebuyers, Realtors & Lenders – All Welcome!
Who qualifies? Individuals earning up to $85,100 and families earning up to $121,550*.
*Family of four, see website for other income limits based on household size (www.housingtrustscc.org).
Sign up today! Email: adria@housingtrustscc.org
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