City of Tracy will pay your second Mortgage on this home!!!!!!!!!
1 Comments Published by Brian W. Barringer on Thursday, June 07, 2007 at 10:25 AM.
Today on the MLS a home on 10th Street in Tracy caught my eye. This is a great price for a home that is located on Tracy's most festive street. You will be able to stroll from your home to the wine stroll farmers market, bean festival, or any other downtown activity....... What is interesting to me about this home is its price and also its location.
1 bath
757 sq.ft
0.070 ac
Built in 1925
There are additional grants any home in this area for deffered payment loans to rehab the home that equal up to $54,000. Thats right the city wants you to fix up downtown for them and help yourself at the same time.
Here is a link to additional pictures and details (this is a link that will expire 30 days after the post, sorry. ) Originally it sold at the peak of the market (12/16/05) for $347,000. Trustees Sale took place on April 17 2007. The new price as of today is $245,900.
Consider this option: $75,000 deferred down payment loan for first time buyers. Which is a loan you do not have to pay on and is only due at the time of sale. The only problem is you have to qualify for the program and buy a home in the designated area. Before when the market was really strong no one could qualify for the DPA program because of high home prices vs. the income limits. Now that prices in Tracy have ajusted there are a few homes that fit both requierment, affordability and location.
Down Payment Assistance Program
Maximum Annual income and houshold size requierments must be met to qualify:
1....$50,640
2....$57,840
3....$65,160
4....$72,360
5....$78,120
6....$83,880
7....$89,760
8....$95,520
So are you ready to be a homeowner???? Seriously, if you think you might qualify give me a call this home is a great deal and it will get sold at this price. Call me at 209.613.8945 and lets get started. I will get you qualified and help you get your first home. The next step in the process of getting this home is qualifing for the program. I have a lender who is an expert with this and can get you started today.
- Applicants must be owner-occupants of home in need of improvements.
- Homes must be located within the downtown area (see map above). Programs are available to downtown Tracy residents whose income does not exceed the limits.
The citys mission statement: The City of Tracy Downtown Rehabilitation Loan and
Grant Programs help to create a better place to live by enhancing the quality of
life for low-income families and preserving the existing housing stock in the
City of Tracy.
Other grant programs for the Downtown Housing Rehab:
Exterior Enhancement Program:Offers grants up to $2,000 for home exterior improvements. Eligible improvements include exterior painting, new fencing, roof repairs or replacement, security doors and security screen doors, front yard landscaping, and driveway repair or replacement.
Rehabilitation Home Loan Program: This program offers low interest and, in some cases, deferred payment loans up to $50,000 for needed home rehabilitation work.
All grant funds are available on a first-come, first-served basis, after completion of the repair work. All grant eligible improvements must have prior approval from the City of Tracy Community Development Agency. Anyone can start the process contacting Community Development dept. at (209) 831-4638.
Feel free to get a hold of me anytime,
Your Personal Real Estate consultant for Life
Brian@tracyhomes.com
http://www.tracyhomes.com/
800.894.7282
Made by Brian W. Barringer in 2006 for
http://www.tracyhomes.com/ and www.tracyrealestate.blogspot.com
The qualification limits piss me off in general, but this is just obscene. Also, I have to wonder what the City's purpose here might be. If they want to create a little Oakland, I could understand such measures. But they stated publicly that they want latte-sipping yuppies in the downtown (it's a quote, I haven't come up with this). Did they lie to us?