Joseph Lai, Wells Fargo's San Diego home mortgage manager, said the new program allows people who don't have much in savings but with incomes to afford the monthly payment to put their name on a deed. He said it is open to all income levels.
Sweet deal? :)
Thank you for sharing
@Account Closed You are welcome. Lending standards are loosening. With today's payroll data, rate hike might get postponed. So seems like all good news for real estate atleast in short term.
Hey @Hersh M.
Appreciate for the info.
I have a decent amount of people approach me who appear just on the cusp in regard to money down and this program might be an option for them. I actually wasn't aware of it until this post.
Thank you passing that along!
@Kevin Fox Sure Kevin. I also sometimes think of buying a house here in SD but with those huge downpayments, I feel its kind of waste of investment money. Some time I would like to talk to you about markets in general. Let me know if you go to any meetups or something like that. Do you invest for cashflow too?
Hey @Hersh M.
The high down payments typically needed in SD are definitely one of the most, if not THE most, commonly faced barriers of entry into our market. So, you are certainly not alone in that regard.
As for us getting together to chat about the market, I would be more than happy to do so.
We do have our next meetup scheduled for June 25th, but if you're looking to have a more in-depth discussion, it's probably best we find some time to do so outside of that event. I seem to find myself stretched incredibly thin during the events with everything going on, so having a detailed discussion can prove difficult.
Shoot me a PM and we can try to find some time to chat either in my office or over coffee/lunch. Looking forward to hearing from you!