Anaheim, CA Low Income Apartments
[1]
$0
$0
[1]
There are some great old homes in Anaheim that are just waiting to be purchased by a first time home buyer. This first time homebuyers program is available for people purchasing their first home or condo in the Anaheim area. It allows you to make low interest payments on loans that you can afford. This program is funded by the Rehabilitation Loan Program, with a mission of improving the homes in the local neighborhoods.
Even with this program, it may be a good idea to wait on the purchase of your new home. The southern California real estate market is suffering mightily from over inflated home values and prices are continuing to drop. So jumping in to purchase your first new home, might not be the wisest decision. There used to be a stigma attached to people who rent apartments, now it should be considered a badge of honor as other people struggle to keep up with their mortgage payment before their home goes into foreclosure.
If you would like to participate in the first-time homebuyer downpayment assistance program in Anaheim, you have to first have a certain income level. Your income is adjusted to the number of people in your household. If you have 2 people in your household, you can make $59,500 or less and qualify for the first time homebuyer program. There are some great benefits to participating in the program. Some of them are: interest rates of only 3% and a 30 year deferred loan. Other notable points are that the house must always remain owner occupied (you can't use this program and then rent the place out), you can only participate in this program if you don't already own residential real estate.
There are a number of great programs in Anaheim for low income individuals. The city definitely has a true interest in seeing people get started in owning a home, so they can truly enjoy the American dream. These days with housing prices falling so fast, it may not be a bad idea to try renting an apartment for a while before buying your first home. It used to be that owning a home was your ticket to financial freedom, but nowadays owning a home with an adjustable rate mortgage, may be your ticket to bankruptcy.
