California is offering free money for mortgages while making a push to get homeowners into a 2 billion dollar foreclosure prevention program, and as a result, you could see a principal reduction on your mortgage if you qualify. The program is called Keep Your Home California, and it’s been around since last year but most lenders didn’t participate in it because the program required the banks to match taxpayers funds when homeowners received a mortgage reduction through the program. That requirement has been eliminated and now Fannie Mae & Freddie Mac are all aboard, and they own 62% of the mortgages in California. The changes to the program should be available in June, and eligible homeowners can receive up to $100,000 in principal reductions or money to pay their mortgage. If you want more information to see if you qualify, just go to the link below.
Ikea has announced that it may start selling prefab homes in the United States to go with their furniture. An 800 sq foot, 1 bedroom home was recently debuted at a Portland home show with a suggested retail price of 86k. If you’re worried about putting this baby together with that 2 inch allen wrench they give you, you don’t have to worry about that because it comes fully assembled delivered to your empty lot. The house has no hallways, which will make it a heck of a lot easier to leave than an Ikea store
If it’s built like most of Ikea’s furniture, it should remain standing for at least 2 years. Listen, for 86k, you could probably get a 1300 sq ft house in Stockton, CA. The only drawback being that you gotta live in Stockton, CA. No thanks Ikea, I’m gonna wait, because sure enough it won’t be long before Apple comes out with the iHouse, and then we’re all gonna get in line.
Would you be surprised to know that you can buy a house in San Jose with as little as 3.5% down, and not have to pay any closing costs? And with interest rates like we have this week, it’s pretty likely that you or someone you know could by a $300k house with a little more than $10k of your saved money and a principal & interest, taxes and insurance payment still under $2000 each month. If you want to know why 2012 is the best time to buy a house and stop renting, give me a call, leave me a comment below and share this video with your friends and family. Thanks for watching, See you next time.