It’s fairly well known at this point that San Francisco is one of the country’s (if not the world’s) craziest housing markets. Houses there are incredibly expensive, and only getting more so. The Bay Area also tops the charts in how much money a borrower has to earn to afford to buy there.
Plus, new data shows that it would take as much as 40 years for a borrower to save up a 20% down payment to buy a house in San Francisco. Heck, even ramshackle San Francisco shacks are listed for $2.5 million.
No matter how you look at it, buying a house in San Francisco is neither easy nor cheap.
But, now, there’s a way for people to buy a house in San Francisco for as much as $1.75 million with no down payment.
ZeroDown offers prospective homebuyers the option of buying a house in San Francisco with no down payment and no assumption of mortgage debt by the buyer. And the company will provide buyers with keys to their new home within seven days.
How? Well, here’s how it works, according to the company:
The customer makes lease payments to the company in exchange for “purchase-credits” that represent a percentage of the home’s value. Then, after at least two years of occupancy, the customer has the option to buy the home from ZeroDown using their “purchase-credits” as a down payment.
Read more here
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