Help for First Time Homeowners
11/22/07 (KFSN) -- The city of Merced is offering more than twenty families the financial help they need to become first time homeowners.
It may be a buyer's market, but many Merced residents still can't afford to become homeowners. That's why the city is now offering a helping hand in the form of financial assistance.
Mike Conway City of Merced Spokesman: "We received a grant from prop 1c where we have 660,000 dollars we can use for first time homebuyers."
The money will provide home loans of up to 30 thousand dollars to 22 qualified applicants who live or work in Merced.
Mike Conway City of Merced Spokesman: "We don't want be creating more credit problems for everyone, so they do have to be able to meet the first mortgage payments."
The mortgage assistance loans can only be used for homes here in the Silverleaf subdivision of north Merced. It's a development filled with small, single-family houses designed for moderate income buyers.
Michelle Hoyt moved into the Silverleaf neighborhood with her two daughters after getting divorced last year.
Michelle Hoyt, Merced homeowner: "I really didn't think I would be able to afford a home, I was looking for a condo or something like that, but we're able to have a little yard, and the house is just the right size with 3 bedrooms, a nice kitchen."
Hoyt says it's a friendly neighborhood where every house is occupied by the owner rather than renters.
Michelle Hoyt, Merced homeowner: "They're all doing things, fixing up their yards and their homes and they're very proud of their homes, and I like being part of that."
And Hoyt says she's happy more people will now have a chance to experience the joy of owning a home with a little help from the city.
Michelle Hoyt, Merced homeowner: "I know it's hard for a lot of people to get that start and save up money for a down payment, so i think that is great that they can do that."
To visit the City of Merced's Housing Program CLICK HERE Or, you can also call the Housing Division at 209-385-6816.
Or, you can also call the Housing Division at 209-385-6816.
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