The recent availability of foreclosed homes has opened the window of opportunities for many people who didn't buy during the boom or whose income weren't at qualifying levels at the time. I have a young friend -- she's a young mom and college student -- who recently bought a home in east Bakersfield with her husband for a low price of $40,000.
She is pretty excited about it. The two have been renters for quite some time but the low price tag of this home and their modest income made it possible for them to be approved.
The mortgage payment will be quite affordable, she says, and it will allow her husband, who works in construction, to make the many repairs needed.
Many of these foreclosed homes aren't in the best shape possible.
But it wasn't the look of the home that drew them in. It was the potential of what it could be.
What's of even better news is that she is able to live right next to her mother.
And for a young second-generation Latina, that's a pretty big deal.
She spends her weekends and most of her weekday nights at her mother's house.
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