Although Lien
Cao had a job, taking care of two teenage children and living in Silicon
Valley made it difficult to make ends meet. Then, four years ago, Lien was able to get
rental assistance
through the Housing Choice Voucher Program. Two and a half years
later, Lien joined Family Self-Sufficiency (FSS) Program, a goal-oriented
program where she earned money from HUD in an escrow account every
time she increased her earned income. Less than 18 months after
joining the FSS Program, Lien no longer needs rental assistance and has
purchased a 2 bedroom townhouse in San Jose.
Homebuying Assistance
Available for Low Income Persons
While attending
classes through the Family Self-Sufficiency Program, Lien participated in
the California Housing Finance Agency's first-time homebuyer program.
She also learned about the Individual Development Account (IDA) program
sponsored by Citibank which matches funds on a 2 to 1 ratio for low-income
persons who deposit up to $1,600, for use in paying closing costs for a home
purchase.
Combining these
resources with her FSS escrow account and a down payment loan, Lien was able to qualify for a
mortgage loan at a very affordable interest rate. It took 6 weeks for
Lien to find the right home. She did her homework when she found a
place she liked, researching the neighborhood, driving by at all times of
the day and week, and talking to the neighbors. Her hard work paid off and Lien
has purchased a modest but beautiful townhome in a safe neighborhood.
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