Cohousing-L Mailing List: First Time Homebuyer Loans-a request for info

[pattymara [at] juno.com (pattymara]

Dear List,
Help requested for information about any resources available for first time 
homebuyer loans.  Some time ago I read on the list about a community orientated 
fund/financial company.  Was I halluci-reading? Or does such a group exist? 

Tierra Nueva is forming a team to research creating a fund for first time 
homebuyers in order to support our community's mission of sustaining a 
multi-generational community.  Young families today are looking at down 
payments of 80K in order to buy homes in this insane California real estate 
market.  We have a current young family who has rented here for over two years 
and are trying to buy their home. They have stellar credit, qualify for the 
mortgage (approx. $400K), and are trying to scrape together the down payment.  
They can repay the loan after their parents' estates are finalized.  

We want to help them.  Tierra Nueva has a history of offering silent seconds 
(loans) when we were first developing/building (funded from the project profit) 
and we need to look for other funding sources now for the loans.  Any 
suggestions?   

Any information or suggestions will be gratefully appreciated,
coheartedly,
PattyMara Gourley
Tierra Nueva Cohousing, Central CA Coast 


?Earth will regenerate. The rivers, the waters, the mountains; everything will 
be green again. Because the Earth has all the time in the world. But we don?t. 
Love the place you live in.?   Oren Lyons, the Faithkeeper of the Turtle Clan 
of the Onondaga Nation