Homebuying for First-Timers

I was privileged to be interviewed a few days ago by a writer for the Christian Science Monitor. Reporter Mike Farrell was investigating what he called the "psychology" of the First-Time Homebuyer and how it might have changed or be different in the current economy from years back. His article appears here:
http://features.csmonitor.com/economyrebuild/2009/04/15/first-time-homebuyers-jolt-market-into-life/

--be sure to click the "sound" button at the top of the article for additional audio comments by Farrell.

One of the things we spoke about--which didn't make its way into the article, was about mortgage assistance programs. Most first-time homebuyers aren't aware of some of the programs that *still* have money! There are down-payment assistance programs here in the city of San Jose for public school teachers, and special loans for all participants statewide who are members of California State Teachers Retirement System (CalSTRS). Several cities have down-payment assistance programs--Milpitas and San Jose to name a couple--that work in the form of an equity-share partnership between the homebuyer and the city.

The moral of the story is that First-Timers should look for a Realtor & Loan Officer that knows about these programs--how to qualify for the programs and how to process a transaction using these programs. I am always thrilled to work with first-time homebuyers and have been involved with many specialized financing options available for more than three years.

If you're already a homeowner, please pass this tidbit on to your friends who are still renters! They don't know what they don't know. :-)

Happy Homes!
-Marci