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A few days ago the LA Times ran an article about financing options for first time buyers. It was a lovely article and I’m sure it sparked hope in the hearts of thousands of buyers.

Since I started selling homes at the ripe age of 22 I have a lot of experience with first time home buyers! Who else is gonna buy a house from a 22 year old who looks like she’s 16? At that time I spent considerable time and effort to learn about and leverage these programs into sales. It didn’t work very well, I’m afraid.

In LA Land blog, Peter Viles has a lively discussion going about this article and people’s opinions of the practicality and, amusingly, the morality of these programs. The comments are a hoot and worth a few moments to read. One reader blames Realtors for the relative low use of these programs - yeah, we want to squash any tool that will create more sales for us. Get real! Did that reader ever stop to think that maybe the sellers didn’t want to deal with the added hassle (and, if you get into one of these programs the added red tape is HUGE) and chose to sell the home to an easier buyer? Another reader thinks that these sort of programs use tax dollars to bail out the few while an unassisted bubble popping will help out the masses (this is the morality guy). While I am all for the free market economy (I am, afterall, a money grubbing capitalist Realtor), this is also misguided, at best. Even if the bubble does burst big-time, the few people that qualify for these programs will still need help. It isn’t a matter of affording the mortgage, it is a function of down payment and credit.

And here’s the real point. There are very few people who fit into the narrow gap of making enough to pay the mortgage, but not too much to qualify for the program. If you are one of the few, congratulations! Just be aware that the homes you can buy under the terms of the program won’t be in North Glendale or La Canada or La Crescenta. You will need to set your sights on lower priced areas and modest homes. It can be done, but it isn’t simple or easy.

I’ve edited the list of programs that was published in the LA Times to include the programs relevant to our area.   Click HERE to view the page.  If you are successful in qualifying for any of these programs, contact me.  I’ll be happy to give you a good idea of where you can find a home that also qualifies.  If that area is one I serve - I’ll happily help you buy!


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