Housing Stimulus Funds Still Available for Southwest Riverside County Foreclosures
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Published: Thursday, August 06, 2009
Riverside County foreclosures are still eligible for first time homebuyers assistance via federal housing stimulus funds awarded to the County in January. Up to $3 million of the $49 million awarded to Riverside County has been designated for homebuyers of Southwest Riverside County foreclosures, specifically Murrieta foreclosures, Temecula bank homes, Lake Elsinore foreclosures and Menifee REOs.
The program has gotten off to a slow start, in part because of regulations that required homebuyers to obtain properties at 15% below market price. While Riverside County bank homes have fallen over 35% from their peak market prices, determining the baseline from which the 15% would apply has proven difficult. Three months ago, however Congress revised the 15% threshold down to 1%, and the program is rapidly taking hold across Riverside County foreclosures.
Economic Development Agency in Charge of Program for Murrieta Foreclosures
The County Economic Development Agency is in charge of the program for unincorporated areas and all cities except Riverside, Moreno Valley and Corona, because those cities received funding directly from the federal program. That means Murrieta bank homes, Temecula foreclosures, Lake Elsinore bank homes and Menifee and Canyon Lake foreclosures are eligible to participate.
The funds are available for down payment assistance for first time homebuyers as well as for investors building or rehabilitating affordable housing projects. This is great news for buyers hoping to find their dream home among the many Murrieta foreclosures available, where prices have fallen 39% over the past year or Lake Elsinore foreclosures, which are down 44.41% in the same time period to a median home value of $174,000. Those prices make participation in the federal stimulus program easy and can lead to monthly mortgage payments as low as $800 at today's interest rates. A considerable savings over area rents, these prices are perfect for buyers who are just entering the home buying market.
Esocalhomesearch.com is your neighborhood foreclosures expert and can help you work with the Economic Development Agency to take advantage of this federal stimulus program for first time homebuyers. Use our convenient search tool to view the many Southern California bank homes available and start living the good life today! Contact our foreclosure specialists at 1-951-415-3607.
Murrieta foreclosures and Temecula bank homes come in all shapes and sizes, with many including upscale amenities and large yards. The professionals at esocalhomesearch.com explain where to look for Riverside County foreclosures bargains.
Murrieta foreclosures and Lake Elsinore bank homes are bringing thousands of new residents to the Southwest Riverside County area, drawn by affordable prices and outstanding recreational facilities that offer something for everyone. From dog parks to equestrian centers, skate parks to skydiving, the foreclosure specialists at esocalhomesearch.com highlight some of the best amenities in the Southwest County.
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