Grants help home buyers

(Source: By Paul Owers Sun Sentinel) Mario Sandoval can’t believe how good it feels to finally own a home.

The first-time buyer took advantage of a program through Neighborhood Housing Services of South Florida, which received a $40,000 grant as part of a $22 million national initiative by Bank of America.

Miami-based Neighborhood Housing Services is using its money for home-buyer training and counseling. Buyers take an eight-hour course on home ownership that prepares them for the process. At a later date, they meet individually with counselors. (more…)

Cash is king in home shopping

(Source: By Hudson Sangree and Phillip Reese The Sacramento Bee) Homebuyers trying to take advantage of the current ultra-low mortgage rates are likely to discover an unpleasant truth: They’re competing with lots of other buyers who can pay all cash.

The cash buyers aren’t just rental investors, who have occupied the lower end of the market for months. They include those seeking midpriced homes for themselves or their grown children.

How do they have that much cash? Some sold higher-priced houses in the Bay Area. Some liquidated stocks. Others pulled it out of savings. (more…)