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.

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