Why pay rent when you can now afford to buy a home under the W.I.S.H. program?
“There is a mortgage subsidy loan program to help first time home buyers come up with a down payment or
closing costs on their dream home,” said Real Estate Broker Bonnie Aletaha
, — Renting a two or three bedroom house in Los Angeles, CA Southern Californiawill cost you about the same each month as
buying an affordable home in SoCal, $1,500 - $2,500 per month.
“There is a mortgage subsidy loan program to help first time home buyers come up with a down payment or closing costs on their dream home,” said Real Estate Broker Bonnie Aletaha, Woodland Hills, CA.
“W.I.S.H. matches your dollar three to one for a down payment or closing costs.”
For example: The buyer contributes $3,000 to transaction, W.l.S.H. will contribute $9,000 to use towards down payment or closing costs. “This is one of the largest obstacles for renters who want to buy a home, they have difficulty coming up with the closing costs or down payment. In reality, if you consider leasing or renting a home you often have to come up with first and last month’s rent and a deposit.”
“The W.I.S.H. program is designed for first time buyers, which is someone who has not owned real estate in the past three years,” said said Real Estate Broker Bonnie Aletaha.
“The bank will match three times what the buyer puts in up to $15,000. For example: “Let’s say you’re buying a property and you need $16,000 for down payment and closing costs to close the escrow. The buyer comes up with $4,000; the bank will match it with three times the amount or $12,000 so you have $16,000 to close your transaction,” she said.
For more info about the W.I.S.H. Guidelines visit: SoCalRealEstateGroup.org.
“Cash is hard to come by right now,” said Aletaha and if I can get you into a home with $4,000, you now have home ownership, a tax write-off and you’re paying the same as your rent, isn’t that great?”
There is a limited amount of funds allocated for this program at approved lenders, explained Aletaha.
“Right now is a great time to buy a home with low interest rates, and it is a buyer’s market,” said Real Estate Broker Bonnie Aletaha. “So time is of the essence.” Workforce Initiative Subsidy for Homeownership (WISH program) The WISH program provides matching grants to qualified first time homebuyers.
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