A few days before President Bush signed the “Housing and Economic Recovery Act of 2008,” California Governor Arnold Schwarzenegger launched the “Community Stabilization Home Loan Program” to help first-time homebuyers purchase homes in communities hardest hit by the foreclosure crisis. Under this program, which will be run by the California Housing Finance Agency (“CHFA”), first-time homebuyers can obtain below-market interest rate loans to purchase foreclosed homes in certain areas.

CHFA estimates that the program will help many Californians to purchase their first home. If you want to take advantage of this program, you need to act quickly because the program will be offered only until the $200 million in financing is allocated.

To find out whether this program is available in your area, ask your real estate agent for details.

Press Release: http://gov.ca.gov/index.php?/press-release/10245/

Video Blog: http://gov.ca.gov/index.php?/videoblog/10265/

This has been Real Estate Rob putting you on the Inside Track to home ownership.