Why Pay Rent When You Can Now Afford To Buy A Home Under The W.I.S.H. Program?

Realtors and brokers say if you can afford rent in Califonria you can also afford to buy a house and become a homeowner

Los Angeles (I-Newswire) September 10, 2011 - Los Angeles, CA— Renting a two or three bedroom house in Southern California will cost you about the same each month as buying an affordable home in SoCal, $1,500 - $2,500 per month.

“There is a mortgage subsidy loan program to help first time home buyers come up with a down payment or closing costs on their dream home,” said Real Estate Broker Bonnie Aletaha, Woodland Hills, CA. “W.I.S.H. matches your dollar three to one for a down payment or closing costs.”

For example: The buyer contributes $3,000 to transaction, W.l.S.H. will contribute $9,000 to use towards down payment or closing costs. “This is one of the largest obstacles for renters who want to buy a home, they have difficulty coming up with the closing costs or down payment. In reality, if you consider leasing or renting a home you often have to come up with first and last month’s rent and a deposit.”

“The W.I.S.H. program is designed for first time buyers, which is someone who has not owned real estate in the past three years,” said Mortgage Loan Officer and Specialist Tom Saras, Chatsworth. “The bank will match three times what the buyer puts in up to $15,000. For example: “Let’s say you’re buying a property and you need $16,000 for down payment and closing costs to close the escrow. The buyer comes up with $4,000; the bank will match it with three times the amount or $12,000 so you have $16,000 to close your transaction.”

The W.I.S.H. Guidelines are spell out at MortgageSubsidy.info

“Cash is hard to come by right now,” said Saras and if I can get you into a home with $4,000, you now have home ownership, a tax write-off and you’re paying the same as your rent, isn’t that great?”

There is a limited amount of funds allocated for this program at approved lenders.
“Right now is a great time to buy a home with low interest rates, and it is a buyer’s market,” said Real Estate Broker Bonnie Aletaha. “So time is of the essence.”

For the full story and information about the Workforce Initiative Subsidy for Homeownership (WISH) Program visit: http://www.mayocommunications.com/2011-NEWS%20RELEASES/NR-408.htm

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