PROGRAMS AID FIRST-TIME HOME BUYERS.

Byline: GREGORY J. WILCOX

With the median price of previously owned, single-family homes rising an annual 23.5 percent, to $494,470 in September, Ventura County ranks as one of the state's most expensive markets - and one of the hardest to crack for first-time buyers.

Some help is available, though.

First-time buyers have access to the High Cost Area Home Purchase Assistance program sponsored by the California Housing Finance Agency.

It's been in place since July and so far 15 families have used it, said Denise Clark, a housing finance specialist at the agency.

The program implemented in September 2001 is also available in San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, San Diego and Sonoma counties.

The best part about it is there are zero out-of-pocket costs.

Eligibility requirements apply on a county-by-county basis.

``We have helped quite a few people in the past and we wish we could help more,'' said Clark.

Participants can get a 30-year fixed mortgage with a below-market interest rate and a second, deferred payment loan of up to $25,000 to be used for down payment assistance. Payments on this are deferred until the home is sold or the loan refinanced.

Here are the requirements for Ventura County residents.

--The maximum selling price for a previously owned home: $308,507. For a new home it's $427,377.

--A family of two may earn up to $73,600 and three or more can earn up to $84,640.

--For purposes of the program a first-buyer is anyone who has not owned his or her own home for three years or longer.

The housing price limits are adjusted every year and are based on the median for the county.

Several hundred lenders across the state have been approved for the program.

High Cost Area Home Purchase Assistance can also be combined with other CalHFA-approved down payment assistance loans or grants. For example, it can be combined with the agency's ``Extra Credit Teacher Program,'' which offers teachers and administrators who serve in high priority schools an additional $7,500 or 3 percent of the first-home loan, whichever is greater, for added down payment assistance.

Other programs that can be coupled with the agency's program include the ``Housing Assistance Program and School Facility Fee Down Payment Assistance Program.

So what about Los Angeles County?

Clark said that it is indeed a high-cost area but is adequately served by other programs administered by the agency.

Leslie Appleton-Young, vice president and chief economist for the California Association of Realtors, said this is a welcome tool for families looking for their first home.

``I think everything helps. Housing affordability isn't a problem that is going to be solved by a magic bullet. The demand for housing so far exceeds the supply that you need a wide variety of options,'' she said.

For information on how to apply, go online to www.CalHFA.ca.gov or call [phone].

Gregory J. Wilcox, [phone]

greg.wilcox(at)dailynews.com