tsai3904
03-17-2014, 10:14 AM
S.F. increases down-payment loans to 1st-time home buyers
San Francisco Mayor Ed Lee wants to help you buy your first home.
So much so, in fact, that the city is now willing to lend certain first-time home buyers up to $200,000 toward the down payment on their first house or condominium in San Francisco.
...
Housing officials say Lee's decision to double the maximum amount for which residents can qualify - and double the annual contribution that money is drawn from to $2 million - is a big step in the right direction. The loans don't need to be repaid until a borrower sells or refinances.
...
Here's an example of what a family of four could buy in a single-family home if they met the criteria to receive the $200,000 maximum assistance.
Annual household income: $97,100
Buyer's down payment: $35,500
Down-payment assistance: $200,000
Interest rate: 4.25 percent (30-year fixed mortgage)
Monthly mortgage payment: About $2,395
Purchase price: $710,000
...
More:
http://www.sfgate.com/bayarea/article/S-F-increases-down-payment-loans-to-1st-time-5323078.php
San Francisco Mayor Ed Lee wants to help you buy your first home.
So much so, in fact, that the city is now willing to lend certain first-time home buyers up to $200,000 toward the down payment on their first house or condominium in San Francisco.
...
Housing officials say Lee's decision to double the maximum amount for which residents can qualify - and double the annual contribution that money is drawn from to $2 million - is a big step in the right direction. The loans don't need to be repaid until a borrower sells or refinances.
...
Here's an example of what a family of four could buy in a single-family home if they met the criteria to receive the $200,000 maximum assistance.
Annual household income: $97,100
Buyer's down payment: $35,500
Down-payment assistance: $200,000
Interest rate: 4.25 percent (30-year fixed mortgage)
Monthly mortgage payment: About $2,395
Purchase price: $710,000
...
More:
http://www.sfgate.com/bayarea/article/S-F-increases-down-payment-loans-to-1st-time-5323078.php