Jul 21, 2008 7:28 pm US/Pacific
Governor Unveils Plan To Stabilize Mortgage Market
SACRAMENTO (CBS 5 / KCBS) ―
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A sign indicating a reduced price is posted in front of a home for sale in East Palo Alto.
AP
California Gov. Arnold Schwarzenegger Monday announced the launch of the Community Stabilization Home Loan Program, a special program designed to help first-time homebuyers purchase homes in communities hardest hit by the foreclosure crisis.
Under the program, first-time homebuyers will be eligible for below-market interest rate loans to purchase foreclosed homes in ZIP codes with some of the state's highest foreclosure rates, such as Alameda, Contra Costa, Stanislaus, San Joaquin, Merced, and Riverside counties.
The California Housing Finance Agency estimated that the program will help 800 to 1,000 Californians purchase their first home.
The homes must fall at or under CalHFA's sales price limits and families must meet income requirements.
The program will be offered until the $200 million in financing is allocated.
California has been impacted more than any other state by the national home foreclosure crisis, and the state has taken aggressive steps to help homeowners facing problems with their mortgages, the governor said.
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