Avoid These Costly Credit Missteps Before Buying!

Transcription

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Wayne

If you're thinking about buying a home or you're in process, you know, talk to Pete or somebody that really understands credit because paying off your credit cards is not necessarily the answer.

Pete

Wayne, how you doing? Great. All right.

So this is our third or fourth time we've been doing this now. And it's great because we stay really connected with what's happening locally in our local real estate market and what's happening in our community.

Wayne

Right.

Pete

And you always bring a really good amount of numbers and statistics and absolutely really good to understand what's happening.

Wayne

Yeah. I'm Wayne Martin of Real Estate One, been in the business for most of my life and practice real estate here in Redding, California, the greater Redding area for about 20 years. So we do monthly statistics to keep up on the market.

So yeah, let's get going on that so people really know what's going on. Why don't we talk about market statistics year to date? That's always kind of an interesting indicator.

Year to date closing, and this goes up to the end of July, was 1381 units, which is 16% down from last year.

Pete

That's the number of transactions.

Wayne

The number of transactions. The average sales price went up approximately 2.2% over last year, which is kind of amazing. The other thing that's happening now is we're accumulating more listings.

So listings are up 5% over last year. That's good for the buyers.

Pete

Yeah.

Wayne

It's still tight. It's not necessarily a seller's market, but it's not necessarily a buyer's market. There's kind of equilibrium in the marketplace.

Pete

Right now.

Wayne

Right now. The other thing too, if you're watching this and you would like to get a copy of what we're talking about, we mail these out monthly and it's a total report on what's going on. It's very in depth.

If you don't quite understand it, you can always give us a call and we'll work you through it.

Pete

Yeah. If you're thinking about selling or buying.

Wayne

You need to know these numbers.

Pete

Yeah. You definitely want to know.

Wayne

You want to know what's going on. We break it down per $50,000 increments. So if you're looking to buy, say 200, we have all the stats from 200 to 250, 300 to 350 on all that.

So it really helps you break down what's going on in the marketplace.

Pete

Yeah. What's interesting is that A, the number of transactions went down. So I was going to ask if you'd explain that to us.

What's also interesting is inventory going up. So maybe it's correlated. I don't know.

Wayne

Well, it's based upon the number of closed transactions. So we're down roughly 15%, 16%. So there's less sales, basically, where it amounts to.

Pete

It doesn't mean that real estate is going down. It just means there's less amount of money exchanging.

Wayne

Right. Exactly. But part of that problem has been we had interest rates that moved up.

There was a lot of sticker shock. People got used to that 3%, 4% interest rate and actually went back to more of a normal interest rate, even though people don't want to hear this. 7%, 6.5%. That's normal. Yeah. When you take a look at a 50-year chart of interest rates, the actual average was 8%. When you go way, way back, that's the average of it.

So really, even truly up until 2000, the average rate was- 8% or 9%, maybe 10%. Yeah, it was 8% or 9%. Yeah.

A lot of money came into the market and rates went down. And then, of course, our lovely politicians in Wall Street screwed the economy up so bad, they had to drop rates to 3%. Artificially.

Pete

Artificially.

Wayne

Government had to buy back. It was a nightmare. So the idea, at least from my point of view, and maybe you can corroborate this, we don't want to see 3%.

I mean, as a buyer, you want to see that, but we're probably not going to see that, hopefully.

Pete

Yeah, yeah. I agree. If we see another 3%, that would mean that the government has to step in again for some kind of pandemic or some kind of something, some problem.

So we definitely don't want that to happen.

Wayne

No, we do not.

Pete

Yeah. So we want normalcy. Right.

We want standard market to do its thing.

Wayne

But this is what's interesting to me is affordability. We had this conversation not too long ago. Shasta County affordability is better than it was, here we are in 2024.

But in, what was the year? 2004?

Pete

It's like 2004, 2005, somewhere in there. Yeah. I'd have to look at the chart again, but yes, it was worse.

Wayne

It was worse. Affordability was worse in this area than it is today, which is kind of interesting to me.

Pete

And how they measure the affordability is based on average income. Right. And then average sales price.

Wayne

Right.

Pete

So that's how they gauge the affordability.

Wayne

Right.

Pete

And so back then, the average income was a lot less than where we're at now. Oh, yeah. And obviously the average sales price, the relationship between the two was worse than it is today.

Wayne

Right. But the other thing that's really kind of neat, there's some new loan programs that we're going to talk about once we get through some of these numbers that you'll be very interested in if you're- Yeah.

Pete

You definitely want to wait around a couple minutes because we're going to talk about some really cool- Right. Yeah.

Wayne

Right. One of the things that I'm seeing on my side as a real estate broker of representing a lot of sellers, a lot of buyers, is we're seeing a lot of cash buyers or a lot of large down payments because a lot of the seniors are selling or third tier buyers are selling and they're coming out with cash and they're relocating. A lot of times they're relocating from outside the area or they're in areas with high fire insurance policies and they're moving to town because they're looking to retire.

Or a lot of times they're medical issues and they're outlining areas and they're moving to Reading.

Pete

It'd be closer to hospital, closer to medical care, dental care.

Wayne

Exactly. The other thing that's happening in Reading, which is kind of interesting to me, is there seems to be a certain level of turnover in management of medical, of other industries that are here. We're seeing people move in and out of Reading that are at management level.

They're usually second or third tier buyers.

Pete

Oh, interesting.

Wayne

We're seeing movement in there, a relocation.

Pete

Doctors or maybe nurses, different medical managers.

Wayne

Yeah, medical managers of other industries.

Pete

Relocating outside.

Wayne

Yeah, they're leaving the area. They're just in different service businesses here in Reading and they're relocating and vice versa.

Pete

Yeah, we have a pretty good medical economy here. A lot of people are employed. Yeah, two big hospitals.

Yes. And expending, yeah, because we have a new hospital coming in for Wind River.

Wayne

Building a hospital, that's what we're told. And then Dignity Health seems to be, they have a new campus they're going to be building out at some point down off Hartnell and Cypress down in that area. It's very intriguing.

And then the other thing, the industrial park is working to be built out and creating new jobs that are manufacturing, that are higher paying. So there's more and more pressure coming into the greater Reading area.

Pete

More money coming in.

Wayne

Yes. More business and higher paying- Higher paying jobs. Higher paying jobs.

Which is very- Very important.

Pete

Very good if you are a homeowner. Right. But also an opportunity if you're a renter.

Yes. Because long-term, if you're buying- Right. It's good.

Wayne

Well, for instance, just in my neighborhood, we live in Paris Park. It's a little seniors community. Let's see, six years ago, we bought four 250 and we thought we'd probably be paying over a little bit.

It's 1,450 square feet.

Pete

Too big or too bad. What year did you buy?

Wayne

Six years ago. Six years. Wow.

So a home just sold for 400,000 in our neighborhood. Wow. Yeah.

So that's the power of appreciation and it's kind of incredible. So home prices are moving up. Interest rates tick down and employment continues to grow in this area and there's not a lot of building on.

Appreciation is going to continue. Nobody has a crystal ball, but it's a pretty safe bet that appreciation is going to continue. Yeah.

Pete

Yeah. I think the only way it wouldn't is if all of a sudden we had a lot of homeowners decide to rent.

Wayne

Not going to happen because everybody that has those 3% loans- Yeah. Trying to pry them out of a house to have them sell.

Pete

It's just not happening.

Wayne

Yeah.

Pete

Sell and decide to rent.

Wayne

Yeah. I mean, we list a number of properties and what we're seeing is people are relocating next to family. A lot of our clients tend to be baby boomers or traditionalists.

Basically, somebody that's going to be over 60, a lot of those people are selling, which leaves room for younger people or other people to buy their homes. But we have people moving to Tennessee, Kentucky, Texas, Idaho, you name it. And then we have people that have moved there that are coming back.

It's kind of a transitory market.

Pete

It's pretty wild. I think this is an amazing area, Northern California. Absolutely.

It's an incredible place to live. It gets a little hot, but gosh, I mean, we have some amazing schools. We have an amazing community.

The traffic isn't bad.

Wayne

People are friendly. The biggest traffic jam is just up the street on Cypress and I-5 Hilltop.

Pete

Just don't hit it at five o'clock.

Wayne

Well, even that, oh, I had to wait three minutes, five minutes. I'm really angry. It's so funny when we have people that we show property to here that are coming from the Bay Area, L.A. or even Sacramento. They go, what? There's no lines. I can go to the movies.

There's no big line. I don't get it. What's going on?

It's like, this is Northern California.

Pete

Don't tell your friends.

Wayne

Yeah. Tell your friends. I'll help them out.

Yeah, yeah, yeah.

Pete

Exactly.

Wayne

Exactly. Reading is the best untold secret. Absolutely.

Right. I mean, we live here. It is fantastic.

Yeah. I'm glad it's hot. I grew up here off and on as a kid.

We moved around. My parents were in construction. And so we moved back and forth, depending upon what's going on with the economy.

But it's always been fantastic.

Pete

And our airport is getting bigger.

Wayne

Yes, it's growing.

Pete

Airport is getting more busy and more airlines are wanting to come in, I think.

Wayne

They're working on expanding, getting another terminal.

Pete

We have United, I think. We have United. We have Alaska Airlines.

Wayne

Yeah.

Pete

United goes to San Fran, to Los Angeles. And then we have another, what's the other one that's going to Vegas? Is that still around?

Wayne

No, no. They don't go to Vegas, but I believe they're still around.

Pete

Oh, yeah.

Wayne

They go to- You're a big traveler and flyer.

Pete

Anyways.

Wayne

Unlike me. Yeah. The airport is getting better.

Yeah. So you can fly places. Yeah, absolutely.

Absolutely. But can you imagine if we had good weather all the time, not hot, hot weather like we have, there'd be a million people here.

Pete

There would be. Yeah.

Wayne

Yeah. That would suck. Yeah.

This is, we like the rate of growth that we have, right? Absolutely. It's a wonderful thing.

So let's get back on track.

Pete

So July, so July looks like it's picking up.

Wayne

Yeah. July is picking up. We had 241 transactions closed.

That's 8% up from the previous month.

Pete

From the previous month. Yeah.

Wayne

The previous month. And so we have 2.6% a month of inventory. So normally that would be totally a seller's market, but that doesn't- Depends on the price range, probably.

Depends on the price range. And there's less buyers in the market, to be honest. So less sellers, less buyers.

So it's really what we're seeing is there's a lot of equilibrium in the marketplace, but that's, I believe, going to be temporary.

Pete

I agree.

Wayne

I think that it's going to become more of a seller's market.

Pete

I believe that as well, but explain why you think that.

Wayne

Well, I think as we get past the elections, there's more stability. People are working on paying down their credit, improving their credit scores, right? Very important.

Pete

Absolutely.

Wayne

On qualifying, especially when you're at a higher rate like this, you got to get your debt ratios in order. By getting your credit score up, which I would recommend if you're thinking about buying a home or you're in process, talk to Pete or somebody that really understands credit, because paying off your credit cards is not necessarily the answer.

Pete

Correct.

Wayne

There is an extreme amount of strategy around building credit, which can save you- Thousands of dollars, right?

Pete

Oh, absolutely. I mean, a lot of people think, I think we talked about this last time, but a lot of people think that improving your credit score, you'll get a better interest rate, which is true. But also what they don't talk about is you'll get a better rate on your mortgage insurance.

Wayne

Which is very important.

Pete

Your mortgage insurance could be hundreds of dollars more expensive depending on your credit score.

Wayne

Correct.

Pete

So if you have a 740 credit score, you're buying for, let's say, $350,000. You're putting, let's say, your first time buyer, 3% to 5% debt, or you're doing 100% financing, that mortgage insurance would be like 0.3%. Okay.

Wayne

What does that translate to?

Pete

Dollars and cents? Dollars is like 70 bucks, 80 bucks, something around there. And then if your credit score is, let's say, 640, you're talking like $300 a month.

Wayne

Oh my God. A month.

Pete

Yeah. Difference. So it can be a big difference on your credit score.

Wayne

So you're talking over $200 just in the difference.

Pete

And this is on a conventional loan and this is why you want a good professional mortgage person to help you because you have the FHA. FHA mortgage insurance is the same no matter what.

Wayne

Okay.

Pete

But mortgage insurance for FHA for that same is going to be like $180 to $200 a month.

Wayne

Okay.

Pete

So it's still more, right? But also you have to pay the upfront fee for FHA.

Wayne

Oh, okay.

Pete

They charge 1.75 upfront in addition to the monthly where it's conventional, you don't have to do that. So it's literally thousands of dollars based on that credit score.

Wayne

So I can't stress enough how important it is. If you're thinking about buying, talk to Pete.

Pete

And we have technology. We can do a soft pull, number one. We don't have to do a hard inquiry.

Wayne

Now explain what that is and why that's important.

Pete

Yeah. So a soft credit pull is we get the same data, same credit score, all the same information, but it doesn't actually put an inquiry on your credit. So a lot of people are concerned on getting a credit ran or an inquiry on their credit because that does affect your score as well.

Well, a soft pull, it doesn't actually show up. It's not an inquiry. It allows us to take a picture of your credit so that we can help you.

Wayne

Oh, that's fantastic.

Pete

Yeah. And so it doesn't affect. And so really it's like an amazing service that you can have a professional review this for you, take a look at it.

And then if you're going to buy in a year, let's do that. Let's do a soft credit pull. Let's check it out.

Wayne

I think that that's very important. I've been doing real estate pretty much all my life since I got out of high school, basically. Builder, developer.

I had my own mortgage coming for 12 years. Realtor for God knows how long. Anyway, but I had a client come to me and his credit was atrocious.

And we were able to get him with a great lender and really work it out what that person needed to do. And it took him six months to a year. I'm thinking about eight months or so to really clean it up.

He really applied himself at work and got a raise and all this other stuff, but he really cleaned up his credit and he bought his first house. A couple of years later, he bought a second one. A couple of years later, he bought his third.

Pete

Life changing.

Wayne

Life changing. And you go, Oh, I can't, you know, what am I going to do? Yeah.

But he was really, he's like, he had that desire, was willing to work on it and take direction from an expert. And that really, you know, got him going. Right.

Pete

Yep. Absolutely.

Wayne

I mean, you see that all the time.

Pete

Oh yeah.

Wayne

Oh yeah. So if you have poor credit, Pete can walk you through it.

Pete

Yeah. The number one thing I would say with credit is just see if you can set up your payments on auto pay.

Wayne

Right.

Pete

Like get those payments set up. Don't miss them. Yeah.

Don't miss. A 30-day late can affect your score more than sometimes a bankruptcy. I know that's a little bit like seems outrageous, but when you're looking at a score, you don't want to do bankruptcy, number one.

A 30-day late is really bad on your credit. So you could have perfect credit, 750 credit score. You go 30 days late on one account, that could be over a hundred points on your credit.

Wayne

Oh my gosh.

Pete

It's happened to me where I have it set up on auto pay. I forget about it. Life gets busy for me.

And all of a sudden, boom, I get it just 30-day late. I'm like, oh my gosh. Sometimes you can get it reversed, but a lot of times you can't.

And I was not able to get it reversed.

Wayne

Wow. So you had to work your way out of a hole.

Pete

I worked my way out of the hole. Eventually after five or six years, I was able to get it deleted. It was a short little climb, but my biggest recommendation is set up everything on auto pay, the minimum payment.

Of course you can pay extra as you need, but just 101 auto pay.

Wayne

Yeah. What would be the next thing with credit cards? 50% balance, don't go over that.

Pete

Yeah. Don't use your credit cards. I mean, obviously the credit cards are there for emergencies.

So of course, if you lose your job or something like that, that's what they're there for. But the credit card is there to help you establish some credit. I would only use it to establish your credit.

Keep that balance under 30 and always have enough cash to pay it off.

Wayne

Right. That's very important.

Pete

Basics. I mean, I know it's hard.

Wayne

It's just basic stuff. I use a credit card. I don't use an ATM card.

I use my credit card, but I pay it off every month. And I never go over 50% of the balance, which I have available, not balances, but available cash, but it's just microscopic compared to what I could use.

Pete

That's a little bit more of an advanced strategy because eventually what happens is with your credit, you can start getting miles, you can start getting extra additional things. Not to mention, have you ever seen that movie, Catch Me If You Can?

Wayne

Yeah.

Pete

With Leonardo DiCaprio?

Wayne

Yeah.

Pete

Okay. So that guy, I forget his name that actually... So I watched him speak in front of Google campus and he said, the number one thing you want to do is not ever use your debit card because that's the biggest risk you have for identity theft.

A credit card, if someone steals your credit card, then the credit company a lot easier can replace that money quicker. An ATM, it's weeks and weeks and weeks before they replace that money.

Wayne

Don't you have to catch it within like 72 hours or something?

Pete

Yes. Yeah. There's a timeframe.

Wayne

Otherwise, it's just, you can't do anything about it.

Pete

So that's more of an advanced strategy where you have enough money to pay it off every month. Right. And then you're building miles or you're getting credits back and stuff like that.

Wayne

Right. But it's an important thing to understand and have control over because you can really make it work for you because there's a difference between good debt and bad debt. Bad debt is the debt that doesn't make you money.

Right. Right?

Pete

Exactly.

Wayne

It isn't building cashflow or it's not building an asset value or hedging inflation or creating a write-off. That is good. The debt that does that is good debt.

Right. And that's buying a home can be good debt long as you have a good strategy, you're stable, you know what you're doing. That's good.

Yeah. We went down the rabbit hole on that, but I think that's important for the audience to hear.

Pete

I think that's very important. Yeah.

Wayne

Let me ask you a question since we're talking a little bit financing and because home prices are higher, explain how gifting works for a down payment. I think that that's important because a lot of parents will help or siblings might help or aunts and uncles. How does that work?

Pete

So a lot of first-time buyers, a lot of people think that they have to come up with this down payment.

Wayne

I hear 20% all the time.

Pete

Yeah. It's not true. You don't have to come up with 20%.

You can buy a house with as little as zero money down. Correct. And you can also get a gift from relative or family to help you with that down payment.

Now, you don't have to do that, but sometimes first-time buyers, they have family that are willing to help. And if that's the case, then you can get a gift of any amount gifted to you from a relative, someone that is related, then qualifies to purchase to conventional FHA. You can use it for any of those loans.

A lot of people don't know that you can get a gift from family members. Now, the one thing with the gifting is as the giftor maybe talks to a tax person because they can be taxed based on how much... You get a certain amount every year that they can gift to each child.

Wayne

Right, right. So that can be a strategy to help get you in a home or as far as a down payment's concerned, might help you with closing costs or both, right?

Pete

Yeah. I have customers come to me and say, Pete, I have up to 20,000 of a gift that I can get from parents. And I show them, okay, here's an option if you did 100% financing, here's an option with that 20% that you want to use to put down.

And often they'll take the 100% and use that $20,000 as reserve.

Wayne

Right.

Pete

And the reason why is because that payment difference isn't great deal.

Wayne

That much.

Pete

It's like 120 bucks-ish for a $20,000 difference.

Wayne

Well, the other thing too that I think is important is when Freddie and I are working with buyers, we're taking people through homes, we're assessing the appliances, we're assessing the roof, we're looking at decks, we're looking at all these different things that may come back and need to be fixed either for the loan to close or a couple of years down the road, is the buyer going to have money to make repairs?

Pete

It's so important to have someone in your corner for that.

Wayne

Yeah, because the thing that I see, and don't mean to throw a lot of shade, but a lot of times when you're with an inexperienced agent, they're doing their best, but they don't know.

Pete

They don't know what they don't know.

Wayne

Exactly. But sadly, you're the one that's paying for what they don't know, and it can come back around and bite you. So it's just really important to work with somebody that is seasoned, is experienced, they're working in your best interests, and they're not just trying to make a deal.

We're trying to make the best deal possible for you, but we're looking at it over a timeframe too, because there's ramifications. A roof could be 20 grand. Maybe this roof only has three years, four or five years.

What is your game plan for that? Now, maybe only half the roof has to be done, or maybe you have family or friends, or maybe you're going to learn how to put roofing on. But there's things that we have to look at, and at least talk about.

Pete

Talk about and know before you move into that decision.

Wayne

Right.

Pete

You don't want to go in blind.

Wayne

Right. And then it might make sense that a lot of people always want to deal off the sales price. Well, maybe the strategy is we give them full price, but we're asking for concessions.

And it could be that the concession is they pay your closing costs or portion of it. Nowadays, it may be that you keep your money that you were going to spend on closing costs, because you know you're going to have to do something on that house, or you want to do something on that house. And so you look to get seller concessions.

But you got to know what you're doing, and you got to have a game plan.

Pete

Yeah. What is a seller concession exactly?

Wayne

Seller concession would be where the seller say the house is for sale at $400,000, and your average closing costs on something like that. I see a lot of people ask for 3%. On $400,000, you don't need $12,000 to close it.

But you may want some extra money to make repairs once you move in.

Pete

And so that would be a concession where they say- So concession is like money the seller takes from the proceeds of the sale- Correct. And give back to the buyer to maybe for a repair or to cover some costs that the buyer has.

Wayne

Cover some costs. Maybe the carpet's totally trashed. It's old, whatever.

But they're not going to replace the carpet before you move in, so they make a concession. There's different ways to go about it where if you have a little bit of cash, you don't spend your cash, they spend theirs first.

Pete

That's an amazing strategy for buyers to be able to utilize that maybe they didn't know they could do that.

Wayne

Correct. There's a lot of different strategies for the buyer to work with the seller. What we want to do is put the buyer and the seller together so both their needs are met.

And it isn't always about sales price. It's always about what the seller walks away with because they need that money, but they also need to sell it and- Move on. Move on and get somebody in and take care of any problems.

Because what I'm seeing in the marketplace today is a number of the houses need work and the sellers are not doing the work. So that's going to be transferred over to the buyers. So we really want to take a look at how to structure the deal so that it works for the buyer.

There's a big desire for the buyer to buy that house even though the work needs to be done in the future. Some of it depends on the length of time that something may be done. It's like conventional tends to be a little bit looser on fix and repair than FHA or VA type loans.

If it's health and safety issues, then they have to be done at the appraiser- Before the loan. Yeah. Before the loan closes.

Pete

Yeah.

Wayne

So if you have any questions about that, you can always reach out to us. There'll be information somewhere and we'll be happy to help you. So do you want to talk about this amazing new loan program?

It's only been out a little bit.

Pete

Yeah. It's only been out a little bit. And talking about affordability, it's been very challenging for a lot of first-time buyers to purchase in this market.

So this program, quite honestly, is the best program. And I'd never say this because the Dream For All program, I thought was really, really good. Well, this actually beats the Dream For All like crazy.

So hear me out. If you are a first-time homebuyer and you are in the market, or if you don't own a house, you don't have to be a first-time homebuyer for this program. You just cannot own a current home right now or land or can't own any property at all, but you could have owned a year ago and still qualify for this program.

So this is what the program is. So they call it Recover California. You can look it up online.

We could help you with this as well. We can help you get qualified. We can help you with the program and show you what this would be for you.

But you get up to, pause for this, $350,000 for a down payment.

Wayne

Yeah. It's incredible.

Pete

So all of you- And it even gets better. I know. And there's more.

It can be forgiven. In five years. In five years.

Yes.

Wayne

So say you got that $350,000 and in five years, it was forgiven.

Pete

You have $350,000.

Wayne

You know what that's equivalent to? I was running the math in my head. You would have to make over a half million dollars, pay taxes on it, to end up with $350,000.

Yeah.

Pete

$350,000 in five years.

Wayne

In five years.

Pete

Yeah.

Wayne

But okay, let's get into the weeds a little bit about how you qualify for this.

Pete

Okay. So down payment assistance, you have to have credit score, 640 minimum credit score or higher. You can do conventional FHA, VA.

You can do all those types of loans with it. Single family residences, townhomes, condominiums, and manufactured homes. You can do- On property.

On property. It has to be on a permanent foundation. Right.

Of course, I said you can't own a home currently. The big qualification thing is you have to have lived. It's called Recover California because they're helping with people that were affected by the fires.

And so if you lived in 2018- 2018, 19. 19, yeah. Yeah.

If you're affected by the fire, and what this program is saying by affected, if you were in a fire zone.

Wayne

If you're in a high fire zone.

Pete

High fire zone, then you don't have to have owned a home during then. You just have to show that you lived in a high fire zone at that time. The other caveat is you have to buy in an area that's not a fire zone.

Wayne

Correct. It's in a low fire zone.

Pete

Sorry, low fire zone.

Wayne

So basically, City of Reading.

Pete

City of Reading, yeah.

Wayne

There's a map that the lenders look at to make sure that that home that you're going after qualifies.

Pete

But think about this, Wayne. I mean, the other thing is you're in a low fire zone, your insurance can be cheaper too.

Wayne

Absolutely. Right?

Pete

Your homeowner's insurance.

Wayne

By far.

Pete

Yeah.

Wayne

I've seen fire insurance policies out in the country. We've run into this a number of times. They're between $15,000 and $7,500 a year.

Pete

That's insane.

Wayne

Yeah. It's like, it's, yeah.

Pete

So I unfortunately don't qualify for this program because I currently own it.

Wayne

Neither do I, sadly.

Pete

However, if you are listening and you qualify for all of those points that we just talked, give Wayne, give myself a call. We will help you. Absolutely.

Get into a home.

Wayne

We're all over this program because it's really a great way for someone to get started. I mean, oh my gosh.

Pete

Yeah. It's like the lottery.

Wayne

It is.

Pete

So like there is a limit on the funds. So we called just a little bit ago.

Wayne

Yep.

Pete

And today's August 27th. They're halfway through.

Wayne

Through the money.

Pete

Through the money. Yeah. So they got to get, yeah.

Wayne

So you need to make an application right away. It's the same type of underwriting is.

Pete

Like if you're getting an FHA or GAA or whatever. You just got to call us.

Wayne

We'll get you qualified. We'll walk you through it. You could do it over the computer or talk to Pete.

Correct. Yeah. You don't necessarily have to come in.

Yeah. You know, if you're busy. The other thing too is maybe this is not right for you, but if you know other people that are.

Pete

Yeah.

Wayne

You really want to say, hey, call Pete. Call, you know, just get on it right now. I mean, it's not free money, but it's darn close.

Pete

Yeah. If you're listening to this, if you know someone, give them a call. Give them our number.

We'll call them for you. We'll get them going.

Wayne

Get them going.

Pete

So with that, Wayne, I think we should wrap it up. Okay.

Wayne

Yeah. Been a great session.

Pete

Yeah. Yeah. For sure.

Wayne

Yeah.

Pete

If you guys have any questions on any of the topics that we covered. Yeah. Our information is going to be below.

Yeah. Thanks again for joining. And if you haven't subscribed, we would love it.

If you click that subscribe button, really helps out the content. Yep. Get it out there.

Wayne

And if you would like to get this monthly, basically stats of what's going on, a newsletter, we'll keep you informed on what's going on in the real estate market. If you have any questions, just reach out to us in any way possible. That's going to be listed below and we'll be there for you.