POLITICS, DREAMS AND REALITY
If you are watching the game called Presidential Elections, you know about $25,000 promised to the first-time buyers.
As a mortgage broker, I welcome any help home buyers can get. However, recent article in the San Francisco Chronicle, written by Kathleen Pender and titled “Harris’ homebuyer aid needs homes first”, pointed out that this experiment was already tried in 2008 through 2010. The new proposal was that the plan would help 4 million first-time buyers over four years.
However, I wanted to find out how much money the government needs to print to satisfy everyone. When I punched these numbers in my calculator, the message on the screen came up “Overflow”, i.e. my calculator did not have enough digits. And then apparently there is another problem – there isn’t enough new homes. Besides, $25,000 in Ohio can count differently than in San Francisco. And then the article asked the question, “Do we need another program?”
Turned out that there are more than 2,400 such programs from the state, local governments and nonprofits. The good news is that we do not need to wait for the results of the elections. We currently have at least three programs which can offer down payment assistance not only for the first-time homebuyers and without income limitation, such as FHA-DPA, CHENDA and CalHFA
We have discussed those programs with Sarah Pratt of PRMG during her recent presentation for our staff members. Please follow this link to view the recording posted on my YouTube channel.
With any questions on the subject, please call me at (415) 225-7920. Or send me an email at mannykagan@comcast.net.
I promise to help!
Manny Kagan,
President,
Pacific Bay Financial Corporation
NMLS #205637
DRE #00824602