Santa Clara County is offering some financial assistance for first-time home buyers in the ludicrously high-priced real estate area of Silicon Valley. County Supervisors have set up a $25 million fund that would loan up to 17-percent of a 20-percent down payment to a family of four making up to $150,000 a year to buy a house valued up to $800,000.
The loan would be paid back over 30-years and the borrowers would be required to share a portion of the appreciation if they sell the home or refinance.
In a statement, Supervisor Ken Yeager says the program "will give many residents an opportunity that would otherwise be out of reach" in a market with a median home price of $1.12 million.
Photo: Getty Images