The supervisors hear sometimes emotional pleas from the applicants and their real estate and loan company representatives to reconsider their previous decisions in light of additional financial information provided. Young local families face a double-whammy of relatively low local wages and high property prices when trying to buy their first home n the county, the applicants said. Both Supervisor Forster and Boitano reiterated their responsibility to administer the program conservatively on behalf of taxpayers and future First Time Home Buyer applicants. In light of the buyers’ improved financial situations, the supervisors approved both of the application appeals. Each year the county has 7-8 $100,000 2nd loans that are offered to qualified buyers. To qualify, the buyer must have an income at 80% or less of the county median income or about $3300 per month for a 2 person household. Buyers must be able to secure a first mortgage, but can’t buy the property without a second, which is typically needed for the down payment. Larry Busby, the executive director of the Central Sierra Planning Council, the agency contracted to administer the loan approval process, said these loans remain in place for 30 years or until the property is sold or title changes hands. At that time, the funds become available again to new buyers.
Tuesday, 06 November 2007 03:51
First Time Home Buyers Get Help From County Program
Two families hoping to buy their first homes got a leg
up through the Amador County First Time Home Buyer Loan Program. At the supervisors’ Administrative Committee meeting Monday,
two prospective home buyers whose applications for county funded applications
had been turned down presented supervisors Richard Forster and Louis Boitano
with appeals. Initially the supervisors felt the two homes were too expensive
for their buyers, making the debt ratio too high for the First Time Home Buyer
Loan program – a special county program where first time buyers can apply for
low-interest home loans.