A Solution for First Time Home Buyers

According to the California Association of Realtors, the average mortgage for a first-time home buyer purchasing an entry-level home priced at $477,400.00 would be $3,230.00. That would be the monthly payment including taxes and insurance. For many first-time home buyers, this amount of money is just too overwhelming. Therefore, many people are forced to relocate out of California and into more affordable housing elsewhere if they want to purchase a home. Additional problems have also arisen because of the subprime lending industry as well as the rising cost of rent. To remedy this problem that many first-time home buyers face, Prosperity Homes, a developer known for its affordable housing developments, has started selling two new projects in Southern California. Circle City Villas is in Corona and Arbor Glen is in Riverside. Circle City Villas total 36 homes that are 2 bed/2 bath. Arbor Glen comprises of 70 homes that are either 2bed/2bath or 3bed/2bath. Both developments are priced in the mid to high $200,000's. Circle City Villas are condominiums while Arbor Glen are patio homes. Patio homes are basically 1-story homes that share at least one common wall and have a patio in the back and not necessarily a yard. Condominiums are essentially apartments that are individually owned. Thanks to Prosperity Homes, many recent graduates and newlyweds are now able to pride themselves as homeowners, and a renter's dream of becoming a homeowner is now within reach.