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Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007

First time homer buyer in Redding CA...

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!!!!
Regular Contributor
SoulSmilen
Posts: 165
Registered: ‎03-13-2007

Re: First time homer buyer in Redding CA...

Heh.. I'm scared to give the details of my mortgage on here until it's closed and final.. lol
 
Suffice it to say, local programs rock! Nothing like putting money back into the communities.

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