Porter

From Page 5 no monthly payment was required on the equityshare second mortgage for 30 years and there was no maximum sales price, I told the CALHFA rep that the program would sell out in a month and her response was, “we certainly hope not.”

Our friends at CALHFA underestimated Realtor and lender talent, huge buyer demand, and the financial intelligence of our millennials, especially those young people along the coast from San Diego to San Francisco. Many people under 30 years old jumped on the free lunch and purchased a 1,000-square-foot home for $1 million, cashed in

$100,000 in crypto, took the $200,000 loan from the state and obtained a $700,000 first mortgage loan at a rate of 6.125%.

This $200,000 loan saved these smart kids $1,260 per month. If they are truly smart, they will invest the $1,260 in their Charles Schwab or Robinhood accounts monthly and at 10% compounded will have $2.6 million to pay off the $600,000 they will owe to California if the $1 million house triples in value and is worth $3 million in 30 years, when they are 55 or 60 years old.

Demand remains high in Solano County and if anyone was considering selling a house, now is the time to do it after market values are up 40% from just four years ago. It is a seller’s market again in the first-time homebuyer price range.

A great example is local Realtor Marjorie Traywick’s listing at 612 Tiburon Lane in Vacaville, at $515,000 on April 3. The buyers and all the real estate agents were told that offers would be reviewed on April 11 at 6 p.m. Nineteen offers came in; the Dream came through for one, and 18 are still dreaming and waiting for you to list your house.

Jim Porter, NMLS No. 276412, is the branch manager and senior loan adviser of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity.