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San Jose Helps Out First-Time Homebuyers

San Jose has some dream deals for first-time homebuyers, which include three percent loans that you don't have to pay back for 30 years. That's because the state is using $8 million in state grants to provide low-interest mortgage loans to families.

The targeted developments include a number of downtown high rises.

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"This will encourage people to move downtown which is good because it helps add activity downtown," said San Jose Mayor Chuck Reed. "The more people we have living downtown, the better it is for our restaurants and our shops."

San Jose Housing Director Leslie Krutko says the city is the most successful in the state at getting these funds.

"They allow our local residents to become home-buyers, and at the same time they are really helping to stabilize our downtown, which is a very important goal of the city," said Krutko.

The program's goal is to create 100 homebuyers.

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