Are you a first-time homebuyer in Greater Palm Springs? You might be in for some good news! If you've been dreaming of owning a home in the Coachella Valley, Palo Verde Valley, or Idyllwild, you're in luck! There's now some financial help available for down payments, making settling down in these areas a little easier. It is a program for down payment assistance to first-time homebuyers in the Greater Palm Springs real estate market. With this support, ownership is within reach for more people, and we think that's exciting!
Read on to learn more about this assistance program and what it could mean for you.
Greater Palm Springs Real Estate Market Watch
Approximately 99 homes sold in Palm Springs during August of 2024. However, local real estate trends are always changing. Contact Geoffrey Moore for help buying and selling homes in the Palm Springs area.
2 Things About $1M Allocation for First-Time Homebuyers in Greater Palm Springs Real Estate
1. How Did This Down Payment Program Start?
As reported in August 2024, the Riverside County Board of Supervisors decided to set aside $1 million. The funds are from money in the American Rescue Plan Act. It is a first-time homebuyer down payment assistance program. This program is about helping first-time homebuyers in Riverside County's Fourth District.
Supervisor V. Manuel Perez approved the funding to make homeownership easier for people looking to own their first homes. He pushed for using American Rescue Plan Act funds to help with this program. The goal is to lend a hand to people who might find it tough to buy a home in the area. It's all about supporting those struggling in today's housing market.
The Riverside County Housing and Workforce Solutions Department is running the program. You can check out all the details on their special webpage. They're offering up to 20% in down payment help, with a maximum of $100,000 for buying a home. Plus, they might help with your closing costs, too!
2. Eligibility
- If you're looking to buy a home, it has to be in the Fourth District. The program favors homes in the unincorporated areas, so keep that in mind. You can check out the district map on their website!
- Applicants must be US citizens to be eligible.
- You can't make more than 120% of the area median income (AMI). The median income changes based on how many members are in your household. For example, the income cap is $81,900 for a person living alone. But if you have a house with eight people, you must keep it under $154,450. You can find all the detailed charts about income limits and home prices online.
- Getting approval for the first mortgage loan with a lender is also advantageous. You can check out their approved lender list here.
Please mark your calendars: Applications opened on August 16, 2024, and are first-come, first-served. That means you must apply before the $1 million fund runs out.
This program can make your help make your homeownership dreams a reality. But it is only temporary. That means you must act soon to benefit.
It could open the chance to live in many great communities in the area—the possibilities are endless. Plus, the friendly and welcoming atmosphere makes it easy to meet new friends and create lasting memories. Take the plunge and start your journey toward homeownership in this fabulous desert paradise. Do not delay!
Are you looking to buy a home in Palm Springs? Click here to contact Geoffrey Moore. Geoffrey is a local real estate expert with a deep knowledge of the area and its neighborhoods.
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