CityLift: $30,000 Available to homebuyers who already own homes?

A family of 3 must earn no more than $92,800?  Perfect for those with 50% equity to put down.  And who needs a $30k assistance program more than someone with that kind of cash?  High prices and low incomes only work with massive downpayments or in sketchy hoods.  I dont see this program happening much for anything outside of say, brownsville.  Although, it is interesting that as long as you qualify for a mortgage its good for trading up properties.  Which would be good for someone who is on the verge of trading up, but given huge transaction and mortgage taxes its not like there is a free money arbitrage because you must sell the home you live in now.  But hey, its there if you’re ready to move.

slopemope

in DIY 12 years and 4 months ago

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tyronem | 12 years and 4 months ago

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Wells fargo and some not for profits have partnered to offer $30,000 to homebuyers buying in Brooklyn and the Bronx and $15,000 to those buying in Newark and New Jersey.  I heard that it wasn’t only limited to first time homebuyers but those who already own the property provide that the sold or deed away the property before purchasing a new proerty.  Is that true? https://www.wfhmconsumerevents.com/aspx/Events/Brochure.aspx?t=1&EventID=6973