Diamond Mortgage Blog

For all the people that were wondering how the Economic Stimulus Package is going to help Us. ( 1^st Time Home Buyers) out. The Los Angeles Department of Housing has received these funds. The funds are only for you to buy an REO which is a property owned by the bank. The city will give you down payment and closing cost money. They will also include $50,000 dollars for reasonable repairs. So you would only need to come in with 1% of the down payment.

http://lahd.lacity.org/nsp

A 1^st Time Buyer, someone who has not been on title for 3 years can purchase. There is also an income requirement that you have to fall in with number of people in the household. There are also certain areas around Los Angeles.

My company is not on the list but will on at the end of the month. The last time we were on the lender list was 3 years ago when the city had 1^st time buyer funds. It’s a great program, plus you get the $8,000 Tax Credit. Take Advantage of these programs.