“Have you heard about those loans with silent seconds where you pay no interest on a second loan?”
***ANSWER:
Yes. They can be very good programs if you fit the criteria and understand the downside.
Typical Criteria
1. Most programs are only in specific census tracts in specific areas, such as Escondido or El Cajon.
2. They’re usually only for first-time homebuyers (defined—oddly—as not having owned a home in the past 3 years)
3. They typically have income limits.
***Beware that most have a requirement that if you sell within a certain period of time and make a profit, the government entity that loaned the money
gets a share (half?) of the profits.
These are good programs for the right homebuyer. For more info, call me at (858)457-KENT and I’ll put you in touch with our preferred lender. He’ll be
happy to answer your questions and tell you if one of the programs will work for you.
Selecting A San Diego Real Estate Broker
