First-Time Home Buyers: Help from City of Pasadena

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In previous posts, I’ve discussed federal help for first-time home buyers. First-time buyer means anyone who has not purchased a home in the past 3 years.

All financial aid programs have financial limits, but  a variety of  LOCAL programs are available for low-income first-time home buyers.These programs are offered in many Los Angeles, San Bernardino and Orange County cities. These counties also all have programs to aid first-time home buyers.

In this area, the City of Pasadena has a program for buyers under certain income limits. And, buyers who meet these limits can receive up to $200,000 on a home price of up  to $425,000! That’s terrific! Here’s the chart:

Family size 1

$50,300

Family size 2

$57,400

Family size 3

$64,600

Family size 4

$71,800

Family size 5

$77,500

Family size 6

$83,300

At the moment, the City of Pasadena’s program, like most of the other ones offered, is OUT OF MONEY. Beginning in the new fiscal year, July 1, City of Pasadena program and several others in our area will be funded again.

Right now, I am gathering a list of buyers so we can prepare and be ready with a property set to go as soon as the program funds again. Working closely with a local lender who specializes in these programs, I plan to help my clients be among those who benefit from these plans BEFORE THE MONEY RUNS OUT.  The money does run on fairly quickly, so, if you think you might qualify, call now!!

Call me to get on the list of buyers. Call me for info about programs in other cities and other counties.

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Where Are Those REPOs?

For Southern Californians, the short answer: right where you live.

In the San Gabriel Valley, homes which are REOs, short pays, NODs, short sales or corporate owned are everywhere. In fact, at this point, they are the only properties selling and often even these bargain properties offered far below the prices they sold for just one or two years ago are on the market 100 days or more.

Just where are these properties? Here’s a short list compiled in haste from the Multiple Listing Service [MLS] access to which I offer on my website www.DianeButler.net.

City Properties Range
Arcadia 12 $450000-$1,500,000
Azusa 70 $179,900-$914,900
Claremont 15 $249,000-$579,000
Covina 77 $215,000-$675,000
Duarte 22 $261,000-$610,000
Glendora 17 $300,000-$855,000
La Verne 17 $212,500-$749,000
Monrovia 23 $320,000-$649,000
Pasadena 77 $185,000-$790,000
Rancho Cucamonga >319 $105,000-$1,290,000
San Dimas 15 $330,000-$1,400,000
Sierra Madre 1 $358000
Upland 88 $135,000-$999,900

Look at those prices!

These are amazing prices that we haven’t seen in this area for literally years. $105,000? Wow! Many of the cheapest listed here are one-bedroom condos, but, still, a year ago even they were commanding prices over $200,000 or $300,000 pretty much everywhere.

Pasadena ,by far the largest city, so has a very large number of foreclosures. That $185,000, by the way, is a studio. Still. Rancho is also a large city, but 319? That is what it is like in San Bernardino/Riverside County, as delineated here previously. To my mind, some of the most undervalued homes and so the best deals are in Covina which with 77 repos is out of step with the other foothill communities. Azusa is another surprise.

Most of the repos concentrate at the lower end, but there are some truly beautiful homes in the mix, many with 5 bedrooms and commanding views of the valley. Despite these prices, however, many of these homes listed at seemingly rock-bottom prices are not selling.

Right now is a fabulous time to buy. Among these repos are some fantastic values which will not get any better. Like anything else, the buyer who gets the great deal needs to do his homework and plod through those 319 listings in Rancho to find the real gems.