GSFA Hosts ReCoverCA Homebuyer Assistance Event in Lake Balboa, CA
FOR IMMEDIATE RELEASE
GSFA Hosts ReCoverCA Homebuyer Assistance Event in Lake Balboa, CA
Up to $350,000 in forgivable assistance available to qualifying households.
[September 12, 2024] Real estate agents, now you can help California families who were living in high fire zone areas during the 2018 and 2020 California wildfires secure safer living environments and build financial security through homeownership.
Wildfires in recent years have significantly impacted various California counties, prompting the launch of the ReCoverCA Homebuyer Assistance Program which provides low- and moderate-income qualifying households with up to $350,000 in homebuyer assistance through a zero percent interest rate Second Mortgage Loan, which is forgiven after five years.
Both renters and homeowners who were living in High or Very High Fire Hazard Severity Zones in 2018 and 2020 are eligible to apply for the Program. The financial assistance is intended to cover various costs associated with purchasing a home, including down payment and closing costs bridging the financial gap between what a household can afford in a primary mortgage and the purchase price of a home.
Program Highlights
Homebuyer assistance up to $350,000 per household.
Assistance forgiven after five years ownership and occupancy.
Perfect credit not required: FICO scores as low as 640 can qualify.
Single-family residences, townhomes, condominiums, and manufactured homes eligible.
FHA, VA, USDA and Conventional Mortgage Loan financing available.
“Rent increases and housing costs continue to be a challenge here, especially after the unprecedented fires of 2020,” said Napa County Supervisor Anne Cottrell. “Financial assistance of this size can go a long way towards helping low-and-moderate income families secure long-term housing and re-establish roots in communities.”
The 2018 Qualifying Disaster Areas are:
Butte, Lake, Los Angeles, and Shasta Counties.
The 2020 Qualifying Disaster Areas are:
Butte, Fresno, Los Angeles, Napa, Santa Cruz, Shasta, Siskiyou, Solano and Sonoma Counties.
Eligible properties include single-family residences, townhomes, condos, and manufactured homes. Perfect credit is not a requirement, and FHA, VA, USDA and conventional financing are available.
“There are no words to describe the toll that the Camp Fire in 2018 had on our community, families, businesses, and the beautiful landscape of Butte County,” said Butte County Supervisor Doug Teeter. “Five years may seem like a lot of time to many people, but when your life has been hit by a tragedy like this, life does not return to normal. Everyone in Butte County and all the other counties affected by wildfire have had to adapt, change, recover and rebuild. This funding is going to go a long way to helping people establish long-term housing and continue to heal.”
To get started, prospective applicants are encouraged to contact a ReCoverCA HBA Lender listed online at www.gsfahome.org. These experts review program policies, income limits, eligibility requirements, interest rates and APRs with the applicant and provide guidance through the application and loan process.
The program is provided by the California Department of Housing and Community Development, funded through HUD and managed by Golden State Finance Authority, a housing finance entity in California. Mortgage lenders, real estate agents and other interested in participating in the Program can visit www.gsfahome.org for more information or call GSFA toll-free (855) 740-8422.
This article contains program highlights only and is not an offer for extension of credit nor a commitment to lend and is subject to change without notice. Complete program policies, eligibility requirements, rates and more are available through ReCoverCA HBA Lenders listed at www.gsfahome.org.
Contact:
Carolyn Sunseri, GSFA Director of Marketing
855-740-8422
csunseri@rcrcnet.org