EUREKA - Thanks to a grant from the State of California Department of Housing and Community Development HOME Program, the County reopened their First Time Homebuyer list July 16.
”With home prices easing for the first-time homebuyer, this is a perfect time for the County to revive this program,” comments Jill Geist, Chair of the Humboldt County Board of Supervisors.
This grant will allow the County to issue low-interest loans to four to six families. The loan provides money for a down payment, but there are no required monthly payments and the loan doesn’t have to be paid back until the homebuyer sells their home.
Qualified homebuyers are residents that have not owned a home in three years and earn less than 80% of median income. For a family of two this is $34,450 and a family of four is $43,050. In addition the family must be able to borrow one half of the value of the house from a bank or mortgage broker.
Homes purchased must be in the unincorporated area of the County and be without health and safety problems prior to buying the house.
The County also received funds to expand their Rehabilitation “Fix-Up” Program. These funds are used to issue loans under
Rehabilitation can include health and safety code items, roofs, foundations, and paint. In addition, rehabilitation loans may be used to repair code violation issues.
To receive more information and get details about the waiting list for either the First Time Homebuyers Program or the Owner Occupied Rehabilitation Program, please call the County Economic Development Division, 707-445-7745.
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