In many ways the house for sale on Misty Morning Circle near Mather Airport is a typical Sacramento home: Three-bedroom, two-and-a-half bath, 1,450 square feet with a backyard.When is the 100 year, no money down,interest only mortgage coming? You see the madness in all of this,just artificial leverage to prop up the demand side of housing.This is real fraud promoted by a government agency.
Asking price: $355,000 - just above the countywide median of $352,500 in January.
Today, first-time buyers trying to stretch financially to purchase that house with a 40-year mortgage - instead of the standard 30-year loan - must turn to the private sector.
But soon the state of California will offer a helping hand.
Not to be outdone by the private mortgage market, the California Housing Finance Agency says it plans to offer its own 40-year home loan this spring with a fixed, below-market interest rate.
Tuesday, February 21, 2006
40-year loan has no money down
The Sacramento Bee reports:
