Posted by: gmcquade | September 9, 2011

Buying a home is cheaper than renting in SoCal Experts find

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

Los Angeles, CA — 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.”

 “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
 “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.

 “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.”

 For the full story and information about the Workforce Initiative
Subsidy for Homeownership (WISH) Program
visit: http://www.mayocommunications.com/2011-NEWS%20RELEASES/NR-408.htm
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