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California first time home buyer buys a $200000 house for $1000 down

By Greg Cook

Mortgage and Lending with Platinum Home Mortgage NMLS ID#283159

June 18, 2012 08:23 AM

First time home buyers buy a $200,000 home for $1000 down!

Jim and Lisa, like many apartment dwellers felt that owning their first home was beyond their reach. Even though they were tired of apartment life, the media had them convinced there were no incentives left for first time home buyers.

First time home buyer incentives in 2012

Their lease was going to expire in a couple months and when they got the notification their rent was going up, they knew they had two choices: Find a new place to rent or see if they could actually be first time home buyers.

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Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula

Realty Works Temecula - Temecula, CA

Realty Works Temecula

Greg: That's great for this first time buyer! I only hope that the percentage of buyers who qualify and obtain these loans with, "so little skin in the game", start that cycle of defaults in a year or two.

Jun 18, 2012 08:29 AM

Rosemary Brooks

BMC Real Estate - 209-910-3706 - Stockton, CA

The Mother & Daughter Realty Team

Great information thank you very much for sharing it. FTHB and those that have not purchased a home over the past 3 years - should get off the fence because these low prices are going to vanish soon.

Jun 18, 2012 08:35 AM

Anonymous

Greg Cook

Jane, thanks for stopping by. "skin in the game" in and of itself is a little overrated as a default predictor.

Realistic credit score requirements and debt to income ratios probably better indicators.

We shall see!

Jun 18, 2012 08:56 AM

Platinum Home Mortgage - Temecula, CA

Mortgage Consultant NMLS ID# 283159

Rosemary, not sure how long the low prices or low rates will be with us, but it's better to own a home than to rent one.

Thanks for the comment

Jun 18, 2012 08:57 AM

Greg: That's a good thing, I'm not up on stats for the reason for foreclosure, so I trust your judgment....The newscasters have their opinions and I guess the legislatures that are pushing for conventional only 20% loans are touting the reason for the mess is that people didn't put enough of their own money into their mortgage.

Jun 18, 2012 12:22 PM

Jane, unfortunately the consumers listen to the same stuff. Prior to our recent meltdown, FHA and no down VA had delinquency rates at 3% or less. Not one dollar of taxpayer money has ever been used to pay an FHA claim.

Jun 18, 2012 10:08 PM

California first time home buyer buys a $200000 house for $1000 down

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