Rising interest rates and fire insurance costs have reduced affordability for first-time home buyers in Nevada County so the Nevada County Association of REALTORS applied for and gained a grant from the California Association of REALTORS Housing Affordability Fund (HAF) to help! This grant program is designed to assist with fire insurance and or fire clearance costs on a primary use single family residence being purchased with a home loan and not exceeding 150% of the mortgage limit.
Local REALTORS are increasingly seeing sellers placing the burden of defensible space on buyers who then, in order to buy a home, must to choose between making the transaction work or walking away due to the cost of clearance projects and or insurance costs, both of which can be high these days. With the shortage of inventory creating upward pricing pressure, many buyers are willing to shoulder more burdens in order to make the sale happen when they find a home that they can otherwise afford.
The definition of “First-time Buyer” can also be a barrier as many buyers do not understand that the definition is a buyer (and all co-buyers on the property purchase agreement) who has not had any ownership in a home in any location during the last three years. However, a buyer who has had a change of circumstance such as divorcing or losing a spouse may qualify as a first-time home buyer.
The Nevada County Association of REALTORS is proud to be aiding home buyers and will continue to strive to help create housing opportunities in our community. We are grateful to serve as a partner with the California Association of REALTORS Housing Affordability Fund (HAF) to be able to better serve local home buyers and offer these grants on a first-come first-serve basis. The Harrison Family was so happy to find an affordable home in Lake Wildwood and achieve their dream of homeownership. They accepted a grant through their REALTOR Marsha Smith to assist with Fire Insurance costs.
Buyers should contact a local REALTOR member today to learn more about the grant program or contact the Nevada County Association of REALTORS at 530-272-2627, located at 336 Crown Point Circle, Grass Valley, CA.