We saw this about 10 years I ago I think. This “assistantce” was nothing more than a second loan for downpayment money. O Joy. You can take on two home loans at once. What it did was put some people in very very tight finacial situations. I hope this isn’t that again.
“This “assistantce” was nothing more than a second loan for downpayment money.”
I sold a house by owner many years ago. The people who bought the house originally did not qualify. Then they got a $5000 down payment assistance from...somewhere, I assume government. The $5000 was then added into the loan. That made absolutely no sense to me.
Basically, it’s to prop up property values.