Bay Area 1st timers - go reserve your $30k grant Fri 11/17/2017

[Chris Mason]

I am not hosting or in any way affiliated with this event, except that I happen to work at an approved direct lender.

Tomorrow 11/17, 10 AM to 7 PM. Make the time.

Wells Fargo is checking some Community Reinvestment Act and/or lawsuit penalty boxes. It's been blowing up all of our radio advertising here in the Bay Area for a while.

I was kind of ignoring it initially, but what caught my attention a few moments ago, and made it quite suddenly relevant to this community, was this:

The overwhelming majority of down payment assistance programs do not go for multi-family. This is pretty unique. 

I was kind of ignoring this until I noticed that it'll go for 2-4 unit. Reading over the guidelines... Income limits depend on household size and county. Low six figures for SF, Alameda, and Contra Costa. High five figures for Solano. Another unique thing buried here in their guidelines is that they only count borrower's income, not household income, towards the limit, meaning that a fairly high-income power couple could use this by just having the lower income spouse on the loan alone. But that spouse not on the mortgage still counts towards household count, bumping the income limit. Nice. Also, the rental from the other units will not count towards pushing you over the limit. All these cool little things that I wouldn't even have noticed had I not randomly/spontaneously checked for allowable unit count.

So, yeah, kind of last minute, but go get your free money tomorrow -- it doesn't look like there is any other way to reserve funds, other than by making time tomorrow to pop by downtown Oakland for $30k. San Francisco, Alameda, Contra Costa, and Solano counties. Pair it with FHA 3.5% down or Freddie Mac Home Possible 5% down, use your preferred lender and real estate agent, take the free money.