That’s the jist of it. I’m about buying a house. Let me tell you this is no easy task in Metropolitan Los Angeles. The housing prices are way out of whack. At least the housing prices are way out of whack for most people but for those of us that have spent any time in New York, the housing prices are just as crazy as there are there (if you get what I mean).
The Facts
- I'm broke. Not really but I don’t have anywhere close to the 20% that a traditional mortgage needs.
- Homes are really expensive right now. In Los Angeles, that means that anything approaching a starter home is going to cost you in the somewhere in the realm of $350k. That means I would need $75k in cash to put down on a starter home for a down payment. See Fact 1.
- My wife and I just got married and are currently paying off debt.
- Interest Rates are going up.
Even in the face of these odds there is hope. A wonderful little program called NACA (Neighborhood Assistance Corporation of America) a non profit mortgage company designed to help homebuyers just like me.
They Offer
- 100% loan @ 1% below the prime rate
- No Closing Costs
- Help With Remodeling
- Very Inexpensive mortgage insurance
Count this is the first entry detailing the most exciting time . Buying a House!!!!!!
