Monday, June 15, 2009
City of San Jose Downpayment Assistance for High Rises
The City of San Jose just opened up the downpayment assistance program to the new high rises in downtown. These will included The 88, City Heights, 360 Residences and Axis. Assistance of $50,000 for one bedroom units and $60,000 for two bedroom units are available. These are no payment loans - the cost of the loan is the pro-rata appreciation of the unit when you sell in the future. Example, if you buy a $400,000 J plan one bedroom at The 88 and use $50,000 from the City for a downpayment, this is 12.5% of the purchase price. When you sell, you would pay back the original $50,000 plus 12.5% of the profit. Very good deal. This paired with some fantastic deals in price that are being offered and you have a great opportunity to buy your first home. Call us for the current best values in downtown.