I’m buying a condo outside of Pendleton, and my former Marine realtor told me about a Wachovia grant for a down payment. Apparently Wachovia bought out World Savings, IOT gain market share on the west coast, and whizbang somehow due to the nature of the buyout they have such a program. Apparently its 25k for closing costs for those with earnings of 56k or less a year. Ive been on this planet for a few years now, and I have yet to see free money. Anyone have any experience with this (since 06) any gouge, good bad or indifferent?
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Wachovia 25K grant bogus?
- Thread starter Whalebite
- Start date
My name is Mr. Romba Djiboiti from Nairobi....I inherited $28 million dollars in escrow in a Nigerian bank....If you send me a cashier check for $25000, I will make you the benficiery of 10% money....I need the money to pay the fee for withdrawing with your help.....Hakunamatatah
F'n priceless! :icon_lol: :icon_lol:
I have seen similar "type" claims in the past. Reading of the fine print, you may find that what they are offering is a reduced interest rate, that is by reducing the interest rate half a point on a $225,000 loan will result is about $25,000 less in payments over the 360 month life of the loan. Anyway, ALWAYS read the fine print.
Better deal: Go down to New Zealand and find the brewers missing laptop. Croucher Brewing Co. of Wellington New Zealand announced that if anyone does come into possession of their lost laptop they will provide them free beer for life in return. Now that is a hot deal. Reading of the fine print there reveals the offer is capped out at 1/2 case a month, still not bad.
Better deal: Go down to New Zealand and find the brewers missing laptop. Croucher Brewing Co. of Wellington New Zealand announced that if anyone does come into possession of their lost laptop they will provide them free beer for life in return. Now that is a hot deal. Reading of the fine print there reveals the offer is capped out at 1/2 case a month, still not bad.
My brother is a banker at Wachovia and he said it is a bunch of crap.I have seen similar "type" claims in the past. Reading of the fine print, you may find that what they are offering is a reduced interest rate, that is by reducing the interest rate half a point on a $225,000 loan will result is about $25,000 less in payments over the 360 month life of the loan. Anyway, ALWAYS read the fine print.
Better deal: Go down to New Zealand and find the brewers missing laptop. Croucher Brewing Co. of Wellington New Zealand announced that if anyone does come into possession of their lost laptop they will provide them free beer for life in return. Now that is a hot deal. Reading of the fine print there reveals the offer is capped out at 1/2 case a month, still not bad.
I have seen similar "type" claims in the past. Reading of the fine print, you may find that what they are offering is a reduced interest rate, that is by reducing the interest rate half a point on a $225,000 loan will result is about $25,000 less in payments over the 360 month life of the loan. Anyway, ALWAYS read the fine print.
I thought you had to buy points for a lower rate. That is probably also in the fine print.
Yawh, that is one way, that is "points" pay the interest up front, and has tax implications.
But one size does not fit all when it comes to interest offered by the bank. Several factors come into play for what interest rate they will offer a buyer.
But must say a bit less factors today than say 18 months ago!!
Go down to New Zealand and find the brewers missing laptop. Croucher Brewing Co. of Wellington New Zealand announced that if anyone does come into possession of their lost laptop they will provide them free beer for life in return. Now that is a hot deal. Reading of the fine print there reveals the offer is capped out at 1/2 case a month, still not bad.
Hey Chief send a copy of that spam to me!
Steve
All,
This looks like a real deal it is from Wachovia (only in california). I will let everyone know how it goes. It is a down payment assistance. as far as a catch, it is at a high interest rate, about 1.5% above prime. This is more than 25K over 30 years, however there is no prepayment penalty, and I can buy down points. The 25k check goes to the seller at closing, and I pay 25K less on the loan(on paper at closing). The monthly pmt is about 60$ more per month than USAA loan financing 100% of the loan. Therefore IOT benefit initially from the deal I would have to buy down points upfront, or refinance and eat that cost.
Continued thoughts appreciated
This looks like a real deal it is from Wachovia (only in california). I will let everyone know how it goes. It is a down payment assistance. as far as a catch, it is at a high interest rate, about 1.5% above prime. This is more than 25K over 30 years, however there is no prepayment penalty, and I can buy down points. The 25k check goes to the seller at closing, and I pay 25K less on the loan(on paper at closing). The monthly pmt is about 60$ more per month than USAA loan financing 100% of the loan. Therefore IOT benefit initially from the deal I would have to buy down points upfront, or refinance and eat that cost.
Continued thoughts appreciated
As I am sure you figured by now that is not a grant, it's just another loan. I am interested in learning about this program, just for my own information. Do you have a link?
No link, but a contact at Wachovia, if you want contact info PM me.
You have a point, that due to the interest rate, it is effectively a loan, with the exception of the ability of paying down points to the market rate, or better, or refinancing in a short time with the additional closing cost (with 20-25k in equity)
You have a point, that due to the interest rate, it is effectively a loan, with the exception of the ability of paying down points to the market rate, or better, or refinancing in a short time with the additional closing cost (with 20-25k in equity)