20,000 dollar incentive for first time homebuyers in Visalia

They're offering a loan of up to $20,000.00 for first time homebuyers or those who haven't owned a home in the last three years. City officials hope this incentive will help stimulate its economy.

McMillan Homes has a number of brand new, three-bedroom homes finished and ready for move in. They're hoping an up-to $20,000.00 incentive will bring more homebuyers in.

Georgina Valencia, "Certainly I think it will because it's not every day you get offered as much as $20,000.00 which is what we'll call gap financing or a silent second I mean that just doesn't happen every day that's like found money."

Program participants won't have to pay back any of the money for 15 years. Then they have another 15 years to pay it back at two percent interest. The city has partnered up with five local developers to provide the incentive to 25 first-time homebuyers or those who haven't owned a home in three years. The money will go towards the purchase of a new home valued at up to $200,000.00.

The Mayor of Visalia, Bob Link said, "First you have to be able to put it in a price range where more than one person can qualify so it's at a price range we feel will get people who are first time homebuyers involved."

Mayor Bob Link says the program is part of the city's own stimulus plan. Earlier this year, the city council agreed to temporarily lower or do away with certain building and permit fees. Link says the plan has already encouraged building across the city.

The city and developers are holding a special fair for interested homebuyers on December 11th at the convention center from -- it'll be December 11th at the convention center from 10:00 a.m. to noon ... there people can check out the different floor plans and finance options.

Visalia Home Buyers Education Fair
Saturday, December 11, 2010
10am-12noon
Visalia Convention Center
303 E Acequia Ave

For more info, call: Rhonda Haynes 713-4460, City of Visalia Housing Specialist or go to www.ci.visalia.ca.us