Southern California Home Buyers Stimulus Program
First Team Real Estate the area's #1 independent estate company recently announced a new stimulus program for it's Southern California clients. The Home Buyers Stimulus Program*, which is exclusive to First Team, allows home buyers that qualify to potentially save thousands of dollars on their monthly payment by permanently reducing their interest rate 1/4%.
Normally a home buyer would be, depending on the loan amount, charged several hundred to several thousands of dollars to receive a discounted interest rate on their new home loan. To realize the benefits of the First Team Home Buyers Stimulus Program, all the qualifying purchaser needs to do is meet the qualifying criteria. Once qualified, the buyer will receive a permanent 1/4% reduction in their interest rate at no cost.
Although we are currently experiencing some of the lowest home mortgage rates of the last 40 years, 
the addition of the FirstTeam Stimulus Program offers today's buyer options which would allow them to reduce their monthly payment or qualify for a higher sales price.
To qualify for the Southern California area Home Buyers Stimulus Program:
- Purchase their home using a First Team agent to represent them throughout the transaction and execute a Buyer Representation Agreement, along with the Program Addendum.
- Buyers may be current homeowners or first time buyers, and must be purchasing the subject property for the purpose of owner occupancy.
- Use the First Team Real Estate family of affiliated Preferred Provider services companies. They are:
- Bankers Funding (an affiliate of Wells Fargo Home Mortgage) for the buyer's new loan.
- Western Resources Title for the title services.
- Hallmark Escrow or Coastal Cities escrow for the escrow company in the transaction.
- Buyer(s) must have an accepted offer on the transaction after August 21,2010 and no later than November 30, 2010, and close escrow and record title by January 30, 2010. Offers accepted or escrow opened before 8/21/2010 are not eligible.
- Loans are subject to the GSE Conforming Loan Limit for the respective county of the transaction. The loan limits per county are: Orange County & Los Angeles County-$729,750, San Diego County-$697,500 and Riverside & San Bernadino County-$500,000. While the loan amount is limited, there is no limit on the purchase price.
All of the above requirements must be met to receive the permanent interest rate savings.
Below is an example of the savings for a buyer on a 30 year fixed rate conventional loan in the amount of $400,000.
The First Team Home Buyers Stimulus Program will also be a major benefit to home sellers. By offering the Buyers Stimulus Program, First Team will be able to attract more buyers, thus, significantly improving the exposure of First Team listings.
*The Home Buyer Stimulus Program is also offered in Los Angeles, Riverside, San Bernadino and San Diego counties
Register below to reserve your Buyers Stimulus Package.