Asked by Nrv, San Ramon, CA • Mon Mar 24, 2008
My job offers me 2 different programs to help reduce housing costs in this area. The 1st program is for buying a home, and has three parts - 1. a $50,000 lump towards a down payment, 2. an $80,000 amount spread over 5 yrs to buy down the interest rate, 3. a $100,000 interest free loan for the first 5 yrs of ownership. The 2nd program is for renting a property, and offers $45,000 payment spread out over three years. All amounts stated above are taxed at the state/federal level and are included in payroll distributions. I can only choose one of the 2 programs, and I have until March 2009 to make my selection.
I think downward pressure on prices will strenghten once many of the ARM's start resetting later this year leading to more foreclosures. Despite the generous home purchase assistance, I'm thinking that the renters assistance might be a better choice, considering I don't see bottom until mid 2009 at least, with flat prices until 2011. Agree or disagree with my thinking?
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