Below is a text of an e-mail I just received from the City of Oroville’s Housing Development Department regarding the availability of funds for their First Time Home Buyer program.
I thought this would be helpful to pass along to you.
FYI: The City of Oroville currently has a large amount of FTHB funds. Some of these funds must be spent prior to the end of June 2010 or our new grant could be taken from us if we can not meet the expenditure deadline for the old grant. The problem I am having is that escrows tend to be progressing much slower these days; therefore we need more people entering into escrow so that hopefully some will close soon.
Please tell your clients that the City has funds and to turn in a complete application with the City. We are still using the waiting list to keep track of complete applications that are ready to move forward and to keep track of the amount of FTHB applicants entering into escrow; however, there currently no wait period other than waiting to hear from the City the their application is complete and they may enter an escrow. Further, although we are currently allowing short sales to be purchased through the FTHB program, this could change in the near future as many short sales have excessive escrow periods and tie up funds with no assurance that the bank/lender will actually accept the contract between the buyer and seller.
Have a great weekend everyone.
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