Friend, have you lost your mind over California’s policy of giving money to illegals? Let’s take a walk, shall we? The program allows for up to 20% down payment assistance up to $150k. How much home will that buy? This is easy to figure out. 150/.2=750. This person must now go to a bank and ask to borrow $600,000. Let’s assume they take out a 30 year mortgage at 6%. Their monthly payment in California comes to $3597, assuming no additional needs. …Ctd

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2024-09-04 18:38

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Sz Evans
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幾秒內	Sz Evans seanzzze	Now banks, funnily enough, don’t lend like they used to so they want to make sure they can get paid back. You might recall 2008. Housing crisis. Bush administration (he was a Republican). Now banks want your housing payment to be no more than about 28% of your income. Again, easy math. $3597/.28=12,846. What is that annually? X12=$154k. Now 2008 taught banks a few things. You gotta have proof of income. How? Tax filings. Typically they want to see 2 years of filings as part of your loan. Ctd