Just Approved: Higher-income families using state help to buy a home

By Brenda Wyatt : sfgate – excerpt

Property type: Single-family home in Maxwell Park, Oakland.

Purchase price: $860,000.

Loan amount: $720,000.

Rate: 4.625%.

Backstory: A construction employee working on the new Warriors facility in San Francisco was referred to me by his top producing Oakland agent.

With just two weeks left to close on his new home, the client realized he would not receive funds from his 401(k) in time to meet our 15-day close of escrow…(more)

This appears to be a bridge loan. Not sure why this is news, however, a friend of mine just suggested giving low income people help with downpayment to purchase single family and duplex properties in the city. Maybe that would be a welcome option if there is not already a program under way.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.