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The City of Oroville currently has substantial financial resources from CalHOME, CDBG and HOME funding to provide mortgage subsidy assistance loans to First-Time Home Buyers purchasing a home within the Oroville City Limits. To be eligible for this program, applicants cannot have owned a home in the past three years, must be able to get prequalified with a primary lender and their household gross income must be less than 80% of the Butte County Area median income limits as established by the California Department of Housing and Community Development.
With interest rates at an all time low (the current national average interest rate is 3.95%) paired with low housing purchase prices and a large inventory of available homes, it is a great time to make that first home purchase. For the first time in years, many home buyers participating in the City of Oroville’s First-Time Home Buyer Program are paying less for their monthly mortgage payment than they paid for rent.
Individuals and families should really take advantage of the current buyers’ market! For more information, please contact Vanessa Smith, at the City of Oroville’s Business Assistance and Housing Development Department (530) 538-2495, or visit the City’s website www.cityoforoville.org. (City Services – Business Assistance/Housing Development).
–News Release from City of Oroville