jdm667
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Mortgage/down payment assistance programs push prices higher. The politicians who create those programs know it - but they already own plenty of real estate, so they are happy with the result.Well sh!t, I went down the rabbit hole and googled '$50,000 down payment assistance program" and found a bunch. So they are out there. I've never looked for them.
Here's a link to one in Massachussets. Up to $50k in down payment assistance, no payments, no interest. You pay back when you sell your home.
Income limits and eligibility requirements for MassHousing Mortgage Loans
Am I eligible for a MassHousing Mortgage Loan with Down Payment Assistance?www.masshousing.com
Here is one in Cali from the city of Yorba Linda:
The City of Yorba Linda has recently reinstated the Mortgage Assistance Program (MAP) to assist a limited number of low and moderate income households in purchasing a home in our community.
The MAP loan is in the form of a “silent second” and is considered a second mortgage on the home. The MAP participant borrows a prescribed amount from the City, in addition to the amount borrowed from the lender providing the first mortgage loan. The maximum loan amount is $50,000. The loan is interest free and is considered payable when the home is sold or no longer considered a primary residence.
@biophase I agree with your premise in this thread - especially for anyone willing to house hack (there are good threads on the forum for those who want to look into it).
For anyone who doubts you and thinks residential real estate has to crash eventually: it might ... but it could also go much higher. Just look at South Korea as one example.
Business INSIDERS had an article this week: the average millennial in South Korea makes $27K to $38K, but the average home price is $876k: a price to income ratio of anywhere from 23 to 32.
Meet the typical South Korean millennial: educated, overqualified for the job market, and part of the 'kangaroo tribe' that can't afford to leave their parents' homes
At 28, Kwon Joonyeop is the kind of guy most Korean teenagers want to become: He went to a top school, swam varsity, and has a good job.
www.businessinsider.com
Also, remember that a large group of people (mortgage brokers, banks, realtors, cities & towns that live off of property taxes, homeowners, etc.) have a vested interest in ever-higher home prices.
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