Riverside allocates $1 million to help with home purchase down payments

In a recent vote, the Riverside County Board of Supervisors in California decided to allocate $1 million from tax revenues, which come from American taxpayers under the American Rescue Plan Act, to help people who are struggling to reach a down payment for a home.

The idea of Riverside County is to channel these funds into a down payment assistance program, specifically for low-income individuals looking to buy their first home in the 5th Supervisorial District, which covers the cities of Calimesa, Banning, Beaumont, Hemet, Moreno Valley, and San Jacinto.

The program, which will be overseen by the Riverside County Department of Housing and Workforce Solutions, will offer selected first-time homebuyers up to 20% of the home’s purchase price, with a maximum of $100,000. This assistance is provided as a silent second loan, meaning recipients do not have to repay it as long as they meet all the program’s conditions. After 15 years, if all conditions are met, the loan is completely forgiven.

All individuals interested in acquiring a property in Riverside County, California, and wishing to be part of this program must apply through one of the approved lenders listed on the county’s website. Among the requirements for applicants is that they must complete an 8-hour homebuyer education course, which is offered by a HUD-approved educator. A list of these providers can be found on the same website.

To make participation in the program more feasible and meet all the requirements, prospective homeowners should consider seeking the collaboration and advice of a real estate agent to guide them and help them find a suitable property in the 5th District.

This initiative aims to enable many people who do not have full capacity to finally achieve their own home, as well as reduce the risk of foreclosure by making homeownership more accessible.

Available Foreclosures:

Banning: 12 homes available

Beaumont: 8 homes available

Calimesa: 5 homes available

Hemet: 15 homes available

San Jacinto: 10 homes available

Moreno Valley: 20 homes available

By Elías DaSilva | 19 de Noviembre de 2024.