The Community Stabilization Home Loan Program, unveiled by Governor Arnold Schwarzenegger provides $200 million in financing through CalHFA for below market interest rate loans on foreclosed properties in specific zip codes. Several lenders have agreed to partner in the program and offer sales prices on bank-owned properties at least 12 percent below estimated value in the identified ZIP codes. CalHFA estimates that the program will help 800-1,000 Californians purchase a home. In addition to Zip Codes in Los Angeles and San Bernardino Counties, Riverside, Alameda, Contra Costa, Merced and San Joaquin Counties are included.
Eligible Zip Codes are:
LOS ANGELES COUNTY ZIP CODES
90008 View Park/Windsor Hills
90043 View Park/Windsor Hills
93535 Lake Los Angeles/Palmdale/Lancaster
93550 Palmdale
SAN BERNARDINO COUNTY ZIP CODES
92336 Fontana
RIVERSIDE COUNTY ZIP CODES
All
More information can be obtained from the CalHFA website: http://www.calhfa.ca.gov/homebuyer/programs/cshlp.htm