Good news for first time buyers! California is offering below-market-rate loans for people buying homes in some of the hardest hit communities in the state.
$200 Million has been allocated to the Community Stabilization Home Loan Program for foreclosed properties owned by lenders like Wells Fargo. Only those properties are eligible for the program that should help about 1,000 Californians purchase their very first home.
The loans will be 30-year loans at 5.5 percent fixed interest rate with no down payment.