Realtor Bonnie Aletah
Renting a two or three bedroom house in Southern California will 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.” “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.” “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 Mortgage Loan Officer and Specialist Tom Saras, Chatsworth. “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.” The W.I.S.H. Guidelines are spell out at MortgageSubsidy.info
Tom Saras, Mortgage Bank Loan Officer
“Cash is hard to come by right now,” said Saras 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. Workforce Initiative Subsidy for Homeownership (WISH program) The WISH program provides matching grants to qualified first time homebuyers. Only bank members may submit applications The household income of the homebuyer at the time of enrollment in the WISH program is 80 percent or less of the HUD area mediam income Participants must complete a homebuyer counseling program Under the WISH Program, the bank will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home. The WISH Program can complement or supplement a variety of state, local and federal homewonership programs. They include CalHFA, NSP and FHA. For information and media interviews with Real Estate Broker Bonnie Aletaha, Woodland Hills or Tom Saras, mortgage loan officer and for Spanish speaking first time home buyers contact MAYO Communications, 818-340-5300. Habla Espanol Hotline 818-618-9226 For information about W.I.S.H. program visit: MortgageSubsidy.info 4UVPUW6XFACU
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