If you live in Redding and you are a first time home buyer... youre in luck! (Not Really)
The City of Readding has a program to help you buy a home. It called to equity sharing program!
Heres how it works and The numbers are from my customer that I just did a refi on.
The purchase price was 92,500 and the City gave her $7,875 to help with the down payment.
Now her home is worth 242,000 and the payoff to the City is 20,004.50!!
The break down...
She borrowed 8.5% of the sales price and did some home improvments for 6,800. The appreciated amount was 142,700 x 8.5= 12,129.50 + 7,875.00 = 20,004.50
WHAT A GREAT DEAL!!!!! WHERE DO I SIGN?
I just wanted to share this with everyone. lol No joke... This is real!!!!