Home Loans to Help Low-Income Buyers

As many as a dozen low-income Piru residents--especially those who suffered damage in the 1994 Northridge earthquake--will be eligible to apply for a total of $120,000 to help put a down payment on their first home.

The Ventura County Board of Supervisors approved the program this week.

Under the federally funded program, called BEGIN, first-time, low-income home buyers need only come up with a down payment of $4,000, stemming from any source, such as a gift. A previous program had required that participants come up with $5,000 and closing costs.

“I’m just so pleased our staff was so creative in searching out another area of funding for those [who suffered because] of the earthquake,” said Kathy Long, whose 3rd District includes Piru.

“Some people are still living in their [earthquake-damaged] home and don’t have enough equity to make the structural improvements and want to look for a new home.”

Six to 12 low-income Piru residents might qualify to share the money in the pot, as most loans range from $9,000 to $14,000, according to Long’s office. The loans will cover up to 50% of the down payment, closing costs and interest subsidy. The maximum loan is $20,000.

Home buyers do not need to pay back interest for 30 years unless they sell their house or transfer ownership.

To be eligible, applicants must meet one of the following criteria listed in priority order: individuals who were rejected for BEGIN assistance before but whose circumstances have changed; Piru residents; Ventura County earthquake victims; Piru employees; county residents.

For more information, call Susan Van Abel of the Ventura County chief administration office at 654-2871.