Half Price Real Estate

An Excellent tool to find great deals on housing in your neighborhood:

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Make $82,000 And Get A 20% Rental Discount

Some 26 states have something referred to as Circuitbreaker Programs which provide refunds through the state tax system for a portion of rent paid by certain populations. The programs and requirements vary widely by state but it's purpose is to refund the portion of a person's yearly rental costs that pay the owner's property tax. Typically this can be between 15 to 20 percent of annual rent. This information was collected from NLIHC, 1012 Fourteenth Street NW, Suite 610, Washington, D.C. 20005, 202/662-1530, see report 'State Funded Rental Assistance'. To locate available programs in your area contact your state housing office or social services office, or your local reference librarian who can assist you in finding other organizations who might provide this assistance

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$5,000,000 to Build or Fix Up an Apartment Building

Called Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects and referred to as Program #14.155 in the Catalog of Federal Domestic Assistance, this program provides money for existing multifamily housing projects, whether conventionally financed or subject to federally insured mortgages at the time of application for mortgage insurance. Only projects not requiring substantial rehabilitation are acceptable under this section. The estimated cost of required repairs may not exceed 15 percent of the estimated value after repairs or $6,500 per unit adjusted by a high cost factor, whichever is greater and may not involve the replacement of more than one major system. The program has statutory per unit mortgage limits which vary according to the size of the unit, the type of structure, and the location of the project. There are also loan-to- value and debt service limitations. Prevailing wage requirements under the Davis-Bacon Act do not apply to this program.

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Teacher Retirement System Enrollees Eligible for 667,400 for Real Estate

Participants in the California State Teachers Retirement System can use the CalSTRS Home Loan Program to refinance their existing home loan or to buy a new home. Loans are made in amounts of up to $667,400 (or 95% loan to home value) and feature 15 to 30 year terms. Interest rates are typically below market. Eligible properties include single-family homes, cooperative apartments and condos, as well as two to four-unit dwellings.

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