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by CareyBot

SAN FRANCISCO -- The Mayor's Office of Housing has joined the banks in tightening its purse strings, or putting its plastic in the freezer, as it were. As a result, potential homebuyers who would otherwise be eligible for the city's loan program are getting frozen out. The downpayment assistance loan program, which offers loans for first-time homebuyers who are within a certain range of the city's median income, is "running low" on funds -- and is "therefore restricting limited funds to stabilize those communities with the greatest need." One prospective buyer was caught off guard recently: "My husband and I were in contract for 26 days when we were floored by the Mayor's Office of Housing's announcement that it will no longer be offering downpayment a...