San Diego Communities that have been hard hit by forecolsures may get some relief when as many as 300 homeowners recieve part of a $17 million federal??aid package designed to clean up some of the hardest hit areas.?? The federal aid is hardly a cure all, but it is a start in the right direction and may turn hundreds renters into homeowners.
The funds are part of $4 billion allocated in the Housing and Economic Recovery Act signed into law last year.?? In San Diego the lion's share of the funding went to the city of San Diego, followed by the County and the city of Chula Vista amung other cities.?? The allocations were calculated based on the number of foreclosures and default rates and the volume of subprime loans in the area.
The loans provided in the new program will go to help first-time buyers purchase foreclosed homes by providing them with deferred interest loans and down payments as low as 3% to help substancially lower their monthly payments.
The homes purchased under the new program must be foreclosure homes and may involve rehabbing which will be rolled into the cost of the loan.??
To find out if you qualify for these special funding options visit HouseRebate.com and take a tour on the Foreclosure Tour Bus to browse the foreclosure homes available in your area.
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