Asked by C0nfus3d, Jersey City, NJ • Mon Sep 19, 2011
I've read the pamphlet for Live Where You Work and my understanding is that I qualify for the assistance. I work in JC and plan to buy there. LWYW gives you a 2nd mortgage equivalent to 5% of the house cost. Only the interest is paid and after 7 years, the principle if forgiven.
By my calculations, after interest paid it's more like you're getting 4% assistance. But still, why have two mortgage guys alluded to FHA with 3.5% being better? Are there additional hidden costs to LWYW? Even if there were, surely the 5% assistance plus 3.5% out of pocket has to be better than FHA 3.5% out of pocket down, no? Any idea what I'm missing?
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