California suspends key home buyer assistance programs
Hello everyone! I hope you all are having a great holiday season. I apologize for taking so long to write, I have several articles floating around in my head but I haven't had a chance to sit down and write them. I've been alternating between relaxing, spending time with friends and working my butt off. Ah, tis the life of a real estate agent...
Anywho, I'm typing furiously right now because I want to post this important information before my next appointment. I just found out some unfortunately news - due to the State's budget crisis, the California Housing Finance Agency has suspended most of its home buyer financial assistance programs.
As banks have become much more conservative by requiring larger down payments and higher credit scores, more and more home buyers are relying on government programs such as FHA, CalHFA and local initiatives like Oakland's MAP program. The suspension of these programs is a blow to buyers and a crippled housing market.
Fortunately, buyers can still take advantage of federal and local programs. However, local programs may also be in jeopardy due to budget constraints that are the fall out of budget shortfalls due to our challenged economy. I'm sure federal programs aren't immune to these problems, especially as they are increasingly burdened with more and more applications.
It's really a shame that these programs aren't more available during this housing-price downturn. There are more affordable homes on the market in Oakland right now than an inclusionary zoning policy could produce in a century (and without the messy resale restrictions of subsidized housing). This is the best time in more than a decade to assist first-time homebuyers, hopefully local and federal agencies will step up.
Posted by: dto510 | December 30, 2008 at 03:44 PM
I guess some things have to go to make the ends meet, but why they choose something that will only deepen the housing crisis, I can't understand. Sorry for the effect this will have on ur work too Farrah :(
Posted by: Coolhand Luke | January 04, 2009 at 12:34 PM