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[QUOTE]Originally posted by venomous99: [QB] [QUOTE]Originally posted by 135.0: [qb] [QUOTE]Originally posted by venomous99: [qb] [QUOTE]Originally posted by 135.0: [qb] Go with conventional 5% down. FHA is stupid as fuck unless its the only thing you can do. http://www.cbsnews.com/news/is-an-fha-loan-still-a-good-idea/ Or buy in Elk Grove with 20% down from the city and 3% down from you. [/qb][/QUOTE]thats a loan(not free money) from city and is there to help first time home buyers and eiligibility is limited to those making less money(max gross income of $80k for 8 ppl in a household...wow). its a pretty damn nice deal since the interest is low especially for those w/out enough for a down. http://www.egplanning.org/housing/pdf/homebuyer-assistance-program-summary.pdf there are some other programs(i.e BMR = below market rate) in other cities to help first time home buyers w/ lower income as well if you qualify. [/qb][/QUOTE]Yes the city is a deferred payment loan which means you don't make any payments on it until you pay off your original 30 year mortgage. The trick is to make less than their max income and still qualify for the house. [/qb][/QUOTE]the program was created to help lower income families on buying a house. its perfect for ppl trying to scam the system. LOL [/QB][/QUOTE]
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