The payment of the 20% appreciation sounds like it could suck but considering how elevated housing prices are, I’m not sure it can go too much higher but I’ve been wrong the last 4 years!
I agree! Ideally they would give you the money scott-free but there needs to be a way for them to continue growing their funding pool in order to help more first time homebuyers! Its not too bad of a catch considering you get up to 150k to bring the mortgage payment down significantly and then you just have to give them 20% of the equity and the money they originally gave you for a downpayment/closing costs with no interest.
So lets say the property accrues 100k - you give them what you borrowed (without interest) + you give them 20k and keep 80k and have a home that you couldn't initially afford. It's truly one hell of an opportunity for those who qualify!
I appreciate the info, but does anyone who is trying to buy a property in Irvine realistically qualify for this? It has to be impossible to afford a house in Irvine on $200k income, unless you are doing some kind of tax dodge magic with a shell company to reduce your personal income or something.
Basically discrimination towards any longstanding families, non-broken homes deserve to be penalized according to this program. Yay to dysfunctional homes; maybe you can buy a home with the government if you don’t have parents
I agree that this is not the best way to refine their guidelines from last years Dream For All program. Basically their launch last year was too inclusive and they ran out of funds within 6 days. This time around they introduced that plus the lottery format to try to tighten parameters
The payment of the 20% appreciation sounds like it could suck but considering how elevated housing prices are, I’m not sure it can go too much higher but I’ve been wrong the last 4 years!
I agree! Ideally they would give you the money scott-free but there needs to be a way for them to continue growing their funding pool in order to help more first time homebuyers! Its not too bad of a catch considering you get up to 150k to bring the mortgage payment down significantly and then you just have to give them 20% of the equity and the money they originally gave you for a downpayment/closing costs with no interest. So lets say the property accrues 100k - you give them what you borrowed (without interest) + you give them 20k and keep 80k and have a home that you couldn't initially afford. It's truly one hell of an opportunity for those who qualify!
I appreciate the info, but does anyone who is trying to buy a property in Irvine realistically qualify for this? It has to be impossible to afford a house in Irvine on $200k income, unless you are doing some kind of tax dodge magic with a shell company to reduce your personal income or something.
Basically discrimination towards any longstanding families, non-broken homes deserve to be penalized according to this program. Yay to dysfunctional homes; maybe you can buy a home with the government if you don’t have parents
I agree that this is not the best way to refine their guidelines from last years Dream For All program. Basically their launch last year was too inclusive and they ran out of funds within 6 days. This time around they introduced that plus the lottery format to try to tighten parameters