Artesia News

First time homebuyer credit program

The Artesia Redevelopment Agency ARA) is launching a First Time Home Buyer Tax Credit Second Mortgage Program for its residents. Under the American Recovery and Reinvestment Act of 2009, First Time Homebuyers can receive a federal income tax credit of up to $8,000. The tax credit is available for the purchase of a new or existing home, which must close by November 30, 2009. The income limits for the program are listed below.

In order to make the tax credit available to homebuyers at the time of mortgage closing, ARA will provide $8,000 in the form of a 2nd mortgage with the proceeds to be used for the homebuyer’s down payment and or closing costs. Upon receipt of their federal first time homebuyer tax credit, the home buyer will pay off the ARA second mortgage. This second mortgage can be used to meet the 3.5% minimum down payment requirement on an FHA loan, essentially eliminating the need for the Borrower to come up with a down payment.

ARA First Time Home Buyer Tax Credit Second Mortgage Loan Program is available on a first come, first served basis to all real estate brokers/agents, residents, or builders in the City of Artesia.

If interested in participating in this program should contact:

Clearinghouse CDFI

Road, Suite 401

Lake Forest, CA 92630

888-202-4439

downpaymentassistance8k@gmail.com

Realtors interested in participating in this program should contact:

888-202-4233

realtorsdownpaymentassistance@gmail.com

Program Administrator for the program is:

California Housing Programs LLC

Wesley Wolf

949 489 8036

wesley@wolfco.net