First Time Home Buyers

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A couple of quick thoughts about the long story in the Los Angeles Times today about government programs that help first-time home buyers squeeze into homeownership in the L.A. area.

• We were surprised to learn that, even with a household income of up to $98,000, you can qualify for a below-market mortgage rate from the California Housing Finance Agency. Up to $98,000 per year is considered ‘moderate income.’
• We were perplexed (we’re always confused and perplexed) that the Los Angeles Housing Authority has such a tiny level of activity. The story says the authority funded 50 loans last year, and has funded 274 loans so far this year. That’s great for those 324 borrowers; but in a city the size of Los Angeles, it is like spitting in the ocean. It’s a less than token effort.

Your thoughts? Comments? Insights? E-mail story tips to lalandblog@yahoo.com.