2.05.2010

The $8,000 tax credit is great BUT what if we need more??

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Now that you know what the tax credit is chances are you have started to look into moving into that new home. Great News, however a lot of you are still saying, "With this economy, is this the best move right now? Are there other sources we can go to for help financially?"

If you live in the Santa Clara County, you’re in luck. We have many unique programs, by the Housing Trust of Santa Clara County, that are designed to provide help to those looking to purchase their own home. The Housing Trust also has other programs to help non first time purchasers and you can find that information here. In this post we will be talking specifically about the programs they have available for a first time home purchaser.

Chances are you have never heard of the Housing Trust of Santa Clara County so let’s start by talking about who they are. The mission of the Housing Trust of Santa Clara County is to make Silicon Valley a more affordable place to live. They make loans and grants to increase the supply of affordable housing, prevent homelessness and assist qualified individuals and families to buy their first home. They are nationally recognized for providing the resources and leadership needed to make housing more affordable for those who want to live in Santa Clara County. This is accomplished by leveraging voluntary contributions from local Silicon Valley companies with public funding to make a meaningful impact countywide.

The current programs offered by The Housing Trust for first time purchasers are: the Closing Cost Assistance Program, ESCO, a Mortgage Assistance Program, and a Down payment Assistance Program. At the most basic level what The Housing Trust does is provide secondary loans, those under the primary. The purpose of a secondary loan is to secure additional money to finance the property so that you can bring down your loan to debt ratio, this way you don’t have to deal with paying Private Mortgage Insurance.

  • The Closing Cost Assistance Program provides up to $6,500 towards the closing costs or other transaction expenses associated with a home purchase. More information on the Closing Cost Assistance Program can be found here.
  • The Down payment Assistance Program provides deferred payment second loans of up to $15,000 to homebuyers financing their home with a NHSSV first mortgage. More information on the Down payment Assistance Program can be found here.
  • The Mortgage Assistance Program helps homebuyers finance their first home or condominium; second loans up to $35,000 are available under this program. More information on the Mortgage Assistance Program can be found here.
  • The Equity Share Co-Investment (ESCO) Program is a new program to assist qualified homebuyer get on the property ladder through a new down payment assistance program. More information on ESCO can be found here
Because of the many legal and tax situations that can arise through the sale and purchase of real estate ALWAYS consult with your ATTORNEY or ACCOUNTANT before getting into contract.

Credits to:

Thomas Feng, Realtor

Copyright 2010 by Thomas Feng, All Rights Reserved. You may reblog or republish with links back to this post.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://www.SaratogaHouses.blogspot.com *

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