Los Angeles First Time Home Buyer Program (real estate, jumbo, payment) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

The Illusive Man · 10-13-2017, 04:51 PM

Would you take advantage of this program or is it not worth it?

Helping Low-Income, First-Time Homebuyers | HCIDLA

adjusterjack · 10-13-2017, 05:29 PM

Depends on a home looker's circumstances though I think one would have to be pretty desperate to go along with it.

Pfhtex · 10-16-2017, 05:31 PM

Quote:

Originally Posted by The Illusive Man

Would you take advantage of this program or is it not worth it?

Helping Low-Income, First-Time Homebuyers | HCIDLA

Worth a look if you qualify. Expect slightly higher rates, but nothing outlandish.

The Illusive Man · 10-18-2017, 11:25 AM

Quote:

Originally Posted by adjusterjack

Depends on a home looker's circumstances though I think one would have to be pretty desperate to go along with it.

Well yeah, I mean, the real estate in LA is getting insane. This could help big time.

thelopez2 · 10-19-2017, 10:44 AM

OPM, free money, take it while you can, accept you have a silent partner and that you'll owe them money when you sell. In the example I think you still walk away with $61k. If you can make $60,000 off a $4500 down payment, take the money and run ASAP.

This program was available to Jumbo borrowers in Socal in the past, never caught on.

The Illusive Man · 10-19-2017, 11:48 AM

Quote:

Originally Posted by thelopez2

OPM, free money, take it while you can, accept you have a silent partner and that you'll owe them money when you sell. In the example I think you still walk away with $61k. If you can make $60,000 off a $4500 down payment, take the money and run ASAP.

This program was available to Jumbo borrowers in Socal in the past, never caught on.

Yes it would be huge if I could use that 60k down payment and keep my emergency fun in tact on a decent priced condo. I must take advantage.