Californians approved a new homebuying assistance program that will let people purchase newly built homes with just 3-percent down instead of the standard 20-percent,
I paused over this.
For a decent home in the outer-Bay area....you'd need a minimum of $800,000. Under the old banking standard....they expected you to have $160,000 to finalize the loan. New rule? $24,000.
I asked AI for help. He figured monthly payments at $5,270 roughly.
What idiots have this kind of money? You'd need a monthly income of $12,000 to cover the home-loan, your car, and cost of living....figure around $140,000. Who fits into that 'path'?
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