Interest rates are low.
Housing prices are low too.
And now Los Angeles home buyers may be eligible for a $30,000 forgivable* grant to put towards your down payment.
REALLY! IT’S TRUE.
The program is available only through Wells Fargo Bank who has dedicated $14 Million in funds to provide down payment assistance to eligible home buyers in the City of Los Angeles.
This is a great opportunity for home buyers to get into a home with a $30,000 FORGIVABLE *down payment assistance grant. There are some other VERY REASONABLE eligibility requirements. THIS IS A GREAT OPPORTUNITY for many home buyers!
*Its a 0% interest grant and 20% is forgiven each year – so if you stay in the home for 5 years all of the $30,000 is forgiven.
Contact me for more information on the program and to find out about an event you can attend to learn more and to have the funds reserved for you for 60-days.
Adeline Ramirez
Keller Williams Realty
BZPros@gmail.com
DRE 01763980
Tags: down payment assistance, forgivable grants, los angeles home buyers, wells fargo, wells fargo bank
February 4, 2012 at 2:07 am |
what’s the catch? what are the requirements? how does WF profit from that? another play trick with economy being poor already, what if these people won’t pay their mortgage bills again? so many questions. are there more fees to come within or after these 5 years??? I used to work for Wells, these guys won’t just give out $30K.
February 4, 2012 at 5:21 am |
Hi Kristina,
Actually this is a really good thing…and yes you do need to meet eligibility requirements and you need to qualify for a loan in the first place, just as any other buyer would. However the eligibility requirements for the grant are quite straight forward. One requirement is that this grant is only available for purchases in the City of Los Angeles (well they’re also doing it in Atlanta). WFB will make money on the interest on the buyers’ 30 year loan (that’s alot of $$$ for the bank). Interest on loans is how banks make money so, if they issue a 30 year loan, a little $30K isn’t a big loss. This is a very straight forward program and if you are eligible, it’s definitely something worth looking into and taking advantage of if you can.
The best way at this point is to contact a WFB mortgage consultant. IF you need a referral for one in the Los Angeles County area, just let me know. I know two highly respected WFB loan consultants.
February 4, 2012 at 6:25 am
Thanks for the reply! I didn’t actually expect it at all!! yeah, I got the idea that there is no catch, and bank wants to sell those bad houses that poor people can’t afford and middle class people would’nt want to live in those areas
since most of them are South LA but for the low class it’ll work perfect! the thing is that how many of those people really have credit score that is satisfying, or if they have it at all!! do you know how long this program is going to exist?
February 4, 2012 at 4:37 pm
Hi Kristina – I know there is a lot of mis-information out there and sometimes too much “general” information that doesn’t necessarily apply locally. Given all that has happened in the past few years, we all have reason to be skeptical at times.
As a local Realtor (I work mostly in North East Los Angeles, Pasadena, Studio City & Sherman Oaks), I have a strong desire to help people make sense of all the information out there and to understand their local Real Estate market. Many potential home buyers are missing out on great opportunities because of generalizations and mis-perceptions caused by the media. I’m a firm believer that if one knows the facts, one can then apply them to their life, values and priorities and they are then empowered to make better decisions for their future.
The WFB program will help many home buyers across several income levels. The home does not have to be a foreclosed home/bank owned home. For instance, from what I understand and have read on the program, a couple making $80,000 (combined) fits the income requirements for the down payment grant. Assuming they qualify for the mortgage loan (ie have good credit, low debt and stable work history), they could purchase a cute 2-3 bedroom home in an area such as Highland Park, North Hollywood or even a small bungalow in Mt. Washington in about the $350,000 price range. A single person who makes $70,800/year would also fall within the income requirements for the down payment grant. Indeed the program could also help to stabilize neighborhoods that have been hit hardest by the economy. The truth is those neighborhoods are not just limited to areas such as South LA.
Wells Fargo has dedicated $14 million for these grant. The grants will be issued on a first come, first serve bases and when the $14 million is used, the program is done.
I am not a WFB specialist. I recommend any interested parties should consult with a Wells Fargo Loan Consultant to get the details, to find out if they are eligible for the grant and to see if they qualify for a mortgage loan.