I just recieved this from my neighborhood mortgage broker up here in Pleasanton. She sent me this solicitation in an email message.
“Good afternoon:
I hope you are enjoying the first days of the New Year! You may not be qualified for the new California Homebuyer’s Program, but if you know of any one who would qualify for this terrific program, please forward the information to them. This is one of the best first time homebuyer’s program I have seen in a long time. California is trying to get the first time buyer’s in a home so the sellers can move up and get this market back to normal. If you have any questions, please do not hesitate to contact me.
Here’s to an awesome 2007!
START 2007 OWNING YOUR OWN HOME
California wants you to own your dream home
And has created a loan program just for you!
Benefits for this program:
• First Time Homebuyer Program for up to 100% Financing
• Citizens, Green Card Holders, H1B Visa OK. No Tax IDs
• No Down payment necessary
• Purchases only
• SFR’s, Townhomes, Condos. No Income producing units.
• Nominal Income Limit $117,000 for Alameda County
• Sales Price Limits $ 639,436 for Alameda County
• 5.625% 30 Year FIXED Fully Amortized program*
• 6.25% 35 Year Fixed 5 year interest only program*
If you have any questions, please contact me for a complimentary Loan Evaluation to see how you can qualify….”
Author’s note:
I believe this is the start of some very impressive strategies to get people motivated to buy back in. The problem here in the Bay area is that you can’t buy anything for $650k – yet…
A number of counties have these first-time homebuyer’s programs in place. I’m not sure of the details of how these programs are funded, but I believe that in addition to state money, that developers can pay in lieu fees towards these first time homebuyers programs. This saves them having to create their own so-called “affordable” housing.
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