By John Bradley
If you are a resident of the Sacramento-Arden-Arcade-Roseville Metropolitan Area of the Sacramento region, you can consider this good opportunity. Credit Unions are a separate class of lending institutions, but the object is one and the same – offering financial assistance for home buyers with comparatively lesser interest rates and favorable conditions for qualifying to its members.
That said aspiring home buyers from Sacramento Real Estate serving the entire Sacramento region will be benefited by the lending programs devised by the Credit Union. The Yolo Federal Credit Union was started in 1953 with the object of low and middle income group of people being helped in acquisition of own homes – with grants from the federal government.
As of today this credit union has five branches including Davis and West Sacramento, and has assets worth of $165 million. In April this year, under the program by the Federal Home Loan Bank’s special program titled – Workforce Initiative Subsidy for Home Ownership Program (WISH) a sizeable grant of $350,000 was awarded to this credit union.
This special grant is tied up with helping home shoppers in owning the home from Sacramento homes for sale, selected through Sacramento listings, particularly in extending assistance towards down payment required at the time of finalizing the home sales through a Sacramento Realtor.
Under this program home buyers who earn 80 percent or less of the median adjusted income can apply for a subsidy of up to $15,000. For instance if the household income for a family of four members including children is less than $49,500 or equal, they are eligible to apply for the grant. They must have at least 1% of the down payment for buying their selected Sacramento home. If they pay $5000, they become eligible for this 3-to-1 matching grant and get $15,000 as grant money for down payment and closing costs while buying a home.
As a helping too for them, after 5 years the $15,000 maximum loan is basically forgiven.
Needless to mention the housing market of Sacramento is filled with attractive homes, which were sitting high in the ladder, beyond the capacity of many lower and middle income group of people, who were dreaming to become home owners rather than renters. The real estate boom years aggravated their inability by the skyrocketing of home prices, disproportionately in California and its major metros like Sacramento. But the foreclosure crisis and the consequent housing bubble has brought down the home prices considerably.
So prospective home buyers with the assistance of a Sacramento Realtors can get their dream of a home fulfilled, in acquiring a Sacramento home fitting to their needs and this opportunity has come to them as additional bonus.