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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Micawber who wrote (10870)5/31/2003 9:18:53 AM
From: Les HRead Replies (3) of 306849
 
I've read that 20 percent of the new homes are sold with downpayment grants from the builder funnelled through the "charities". They jack up the price of all the homes in the development by several percent and allocate the funds from the excess to fund the 3 to 5 percent downpayments and closing costs for the otherwise non-qualifiers. I've seen ads for $ 30,000 downpayment grants so $ 600,000 is certainly possible. Other ads have been for homes up to $ 1,000,0000.
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