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Wells Fargo 20K Housing Grant Dec 7 and Dec 8 (time sensitive)
invite response
2012 Nov 28, 2:32am 3,242 views 6 comments
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bmwman91
2012 Nov 28, 2:50am
Only problem is there are no homes for these people to purchase!
Sure there are. That $20k credit means they can borrow at LEAST $100k more.
RealEstateIsBetterThanStocks
2012 Nov 28, 4:03am
Only problem is there are no homes for these people to purchase!
Sure there are. That $20k credit means they can borrow at LEAST $100k more.
i think it can only add $20K more to the max purchase price.
bmwman91
2012 Nov 28, 4:17am
If you assume a 20% down payment then...$20k/20% = $100k. Some people might use the $20k to bring their DP up to 20% on a house that they could already afford, but I assume that most will use it to leverage themselves into a bigger house. Were there stipulations on there somewhere that said something like, "the grant can only be used on loans where the borrower will put 20% or more down when the grant is included"?
Say Joe Blow has $100k in cash saved. He could buy a $500k house with 20% down.
Joe wins a slot in the grant give-away. He now has $120k in cash.
Does Joe use that $120k to put 20% down on a $600k house?
Does Joe use that $120k to put 24% down on a $500k house?
Maybe there is a stipulation in there somewhere. I sort of doubt it. Might be another "trap" sort of like the government house buyer credits. Spend $5 to save $1.
Well, it is a very nice grant if the buyer decides to take the latter option and use the $20k to borrow LESS money overall. I certainly would!
RealEstateIsBetterThanStocks
2012 Nov 28, 4:30am
Why: The money is part of Wells' settlement of charges that it allegedly discriminated against minority home buyers.
how come Asians never get any of these bullshit money.
bmwman91
2012 Nov 28, 8:46am
how come Asians never get any of these bullshit money.
Oh goodness, no need to be melodramatic. If you are under the 120% median income limit, apply for it & see if you can "win."
I communicated this to my tenants, but here is something you should look into in case you don't know. It is time sensitive hrhjuliet, ECBB, etc. Get your paperwork together and you may walk away next week with 20K. If you are really interested, show up Dec 7th early as I have no idea how allocation works and how many will show up. Good Luck!!!
Read more: http://www.sfgate.com/business/article/Wells-Fargo-offers-down-payment-grants-4068462.php#ixzz2DXk6FZcp
What: Wells will give $20,000 down-payment grants to 250 East Bay home buyers.
Who: Buyers must earn 120 percent or less of area median income (120 percent amounts to $112,200 for a family of four) and must be able to qualify for a mortgage and meet other criteria.
When: Most grants will be allocated at an event Dec. 7 and 8 from 10 a.m. to 7 p.m. at the Oakland Convention Center Marriott, 1001 Broadway, Oakland. Preregistration is strongly advised.
Where: Grants support home buying in nine cities: Antioch, Bay Point, Brentwood, Concord, Pittsburg and Richmond in Contra Costa County, and Fremont, Hayward and Oakland in Alameda County.
Why: The money is part of Wells' settlement of charges that it allegedly discriminated against minority home buyers.
#housing