A very strange move after many years, related to 1st time buyer programs with the state of CA. Formerly, until a few days ago, the down payment and closing cost assistance programs with CalHFA were pretty restrictive regarding the maximum amount of income a family could make and still use the programs.
On average, in OC that seemed to be in the $75,000 to $85,000 range roughly, unless you had a very large family.
But now you can make up to $174,2000 per year in OC, and $128,300 in LA county. San Diego county is $157,050, Riverside and San Bern. $128,700 and San Fran. county $228,300.
Now that’s some income relief for 1st time buyers. And, for ALL the state, the maximum sales price is $660,000. So now, if a prospective 1st time buyer (anyone who has not had a home in the last 3 years) has the income to qualify for a property, they can do it much easier and with ridiculously little cash needed.
I and our company are fully approved to do these loans. Recommendation is 40 day escrows. Conventional, FHA & VA products are available on these assistance programs. Gifts are also allowed.
This would work really well, using the “Cost of Renting” illustration I may have sent you personally earlier in the week, and then down payment and closing cost assistance. 🙂 Start those engines!!!!!
PS If you did not receive the “Cost of Renting” illustration, e-mail me for a copy.