Are you a first time home buyer in California considering the Dream For All Shared Appreciation Loan? What is the California Dream For All Program? How does Dream For All California work? Who qualifies for the California Dream For All? When does the down payment assistance have to be paid back? In this episode, we are going to give you everything you need to know about using the dream for all loan program so that we can help you become The Educated HomeBuyer.
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⏩Do you Qualify for Dream For All California⏪ – https://buywisemortgage.com/ca-dream-for-all/
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Connect with me 👇 Jeb Smith (huntington beach Realtor/orange county real estate) DRE 01407449 Coldwell Banker Realty ➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith ➡Y O U T U B E ➳https://www.youtube.com/c/JebSmith
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Connect with me 👇 Josh Lewis (Huntington Beach Certified Mortgage Expert) DRE 01209148 Buywise Mortgage M:714-916-5727 E: josh@buywisemortgage.com ➡I N S T A G R A M ➳ https://www.instagram.com/borrowsmartjosh ➡Y O U T U B E ➳https://www.youtube.com/c/buywiseborrowsmart
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👕 – Merch – https://jebsmith.myspreadshop.com/
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For Show Notes, See Below 👇
[00:00:00] Jeb Smith, Huntington Beach Realtor: One of the main goals we strive for here at the educated home buyer is to make sure you guys are fully informed of new programs that are coming out that could affect your affordability, that may allow you to get more bang for your buck, if you will. And I realize we have a nationwide audience that listens to this podcast, but we have a program here in the state of California that is going to help a lot of people be able to get into properties that.
Otherwise be able to purchase a home. So we wanted to spend a little bit of time and talk about that. And Josh, you and I discussed, there are programs like this across the nation in different states there’s similar types of programs. So you know, even if you’re not in California, You might want to still listen to the information that we’re providing today because it’s gives you really good information on how these programs work and how they can actually benefit you in the long run.
So, Josh, today we’re going to be talking about the California Dream for all shared appreciation loan. So first I wanna start with what is it?
[00:01:02] Josh Lewis, California Mortgage Broker: Super simple. It’s a recorded second trust deed against your property. So it is a loan, it’s a lien against title, but there’s no payments. There’s no interest.
When you repay this loan, and we’ll talk about what triggers when you have to repay, but when you go back and repay it, you will give 20% of the appreciation on the property in addition to your initial principle. So if you had a $500,000 purchase, they’re gonna give you the use of your 20% down while you own that property with no payments, no interest.
But when you sell it, if that $500,000 property has gone up to $600,000, you’re gonna give them 20% of that, hundred thousand dollars of appreciation. So in this example, you give them back the a hundred thousand that they let you use for the period of ownership, and you give them 20% of the appreciation or $20,000 that you would repay $120,000.
[00:01:55] Jeb Smith, Huntington Beach Realtor: Now Josh, I’m gonna go off script really early here and say, there’s a lot of people out there, that are saying, who would do this? Why would I buy a home and even though it’s a gift, you know, to get me into the property, why would I do this?
And have to give appreciation back to them. Why wouldn’t I just buy with less money down and be able to buy the home and therefore I don’t have to stick to their guidelines or do what they’re asking me to do?
[00:02:20] Josh Lewis, California Mortgage Broker: Well, Jeb, I like that you went off script. We’re gonna go and just go right to the very end.
Not that we’re not gonna come back and go through the details in the middle, but no one has really run through the numbers of saying, what does this money cost me? Because when you hear that and you say, “Hey, if in 10 years your home’s gone up a hundred thousand dollars, you gotta give these people, 20% of it”, you go, oh, that’s awful.
But if we look at it and say, what does that money actually cost me? The figures I’m gonna give you right now, Jeb, come from two examples that the California Housing and Finance Agency put out themselves. One for a standard income borrower or one for a low income borrower, cuz they pay back a little bit less.
You only essentially give up 15% of the appreciation going forward. But the example they [00:03:00] use is you buy a home for $500k. They give you a hundred thousand down, you resell it for $700,000. We went through a situation where it only goes up a hundred thousand and their example goes up $200,000.
So you’re paying back 20% of that or $40,000. You’re like, that is a lot of money. So what is that money actually costing you? Well, we have to look at how long did it take for that house to go up from 500,000 to $700,000? Cuz that’s gonna dictate what the money really cost. If it happens in five years, you were realizing 6.75% appreciation per year, and that money essentially cost you about 8%.
So would you borrow from someone? Your total down payment so you don’t have to come in with anything and pay 8% in the current environment for a second mortgage to a hundred percent. That’s a pretty darn good deal. And that’s with rapid appreciation. Well, let’s say it takes 10 years. Well, now the appreciation is only 3.37% a year to get that same appreciation and you’re essentially paying 4% interest.
In the current environment, would you take a 20% down payment from someone and pay them back 4% at the end of that timeline? And again, if it takes longer, it goes out 15 years, you’re only paying two and a quarter on that money.
So the longer you have that money, the longer you keep it and the more appreciation you realize, the better off you are. Like the only situation where it would give you any pause is if in the next five years that home doubled in value. You and I have already talked ad nauseum on this show that we don’t think there is any recipe for that type of appreciation.
So anyone who has the ability to qualify for this loan, to my mind, it’s a no-brainer. You would absolutely, positively do this because it’s the cheapest money you will ever get to enable you to get into a property at a very reasonable monthly payment.
[00:04:42] Jeb Smith, Huntington Beach Realtor: Important to note here, if you’re a home buyer and you’re in California, even if you have a down. There’s a chance that you can still qualify for this program and still get the 20% that we’re talking about here in this example. So Josh, let’s back up where we probably originally were headed and talk about who actually qualifies for this type of financing, who qualifies for this type of program.
[00:05:06] Josh Lewis, California Mortgage Broker: So, in broad terms, and then we’re gonna go into some of these definitions. First time home buyers buying in the state of California to occupy their primary residence. And it has to be a single unit. It can be a single family, it can be a condo, it can be a PUD, it can be a manufactured home. If it qualifies for Fannie Mae financing and you’re going to owner occupy, and you are a first time buyer, you will essentially qualify.
So the first one is super easy. Property’s in California. Pretty easy for us to determine. Is it one unit? Is it a single unit? Also pretty easy to determine. Must be owner-occupied even to the point, a lot of our first time buyers, they will have a parent or another family member co-sign with them that is not gonna live with them. You cannot have any non occupying co borrowers on this loan.
Everyone has to be a first time buyer. Everyone has to live in the property. So a little bit of additional restrictions above and beyond what other programs have. Now, a question, Jeb, that we always get. What is the [00:06:00] definition of a first time buyer? So there’s many of them.
The only one that matters in this instance is what does Cal HFA consider a first time buyer? A borrower who has not had an ownership interest in any principle residence or resided in a home owned by a spouse during the past three years. So an interesting thing there, Jeb, pay attention, had an ownership interest in any principle residence.
If you have a rental property, my understanding, they’re gonna get your tax return. They’re gonna see that you have not lived in that property and you have rented it out and you can be eligible for this program. I have never done one, but that’s how the guideline was explained to us yesterday. You can’t have owned a primary residence within the last three years, and they’re gonna have us provide your tax returns. They’re gonna look at that, see where you’ve resided. If you owned it, if you declared any interest deduction.
[00:06:48] Jeb Smith, Huntington Beach Realtor: To note here, Josh, is that a lot of people, when they think of CalHFA, they think FHA at least here in the state of California. This is a conventional loan. So you’re buying a property, they’re giving you 20% down.
You’re doing a conventional first mortgage. No mortgage insurance, no upfront mortgage insurance, like an FHA loan. So a way better loan in many terms. but let’s talk about Josh a little bit deeper on the details. What kind of credit scores that we need. What type of income? Is there a max income? Is there a minimum income? I think that’s a good place to, to go from here.
[00:07:24] Josh Lewis, California Mortgage Broker: Let’s start with the income, that’s the next most important restriction. There’s no minimum other than you have to have enough income to qualify for the program.
So if you find a home for $200,000 in the state of California, and you’re only getting $160,000 loan, be fairly low income required to qualify for that. But let’s look. CalHFA, they put out a chart, shows you county by county, and we can’t go through all of those here, but I wanna give you broad strokes.
The minimum is $159,000. So the lowest threshold is $159,000. So if your household makes less than $159,000 anywhere in the state of California, you will be eligible for this. Now let’s look, what’s the high end? We can guess. Silicon Valley, bay area, right? So we got Marin County, San Francisco, San Mateo, Santa Clara.
You can go all the way up to $300,000 income and strangely enough, in those areas that may not be enough for you to qualify for a lot of homes. Orange County is at $235,000. Pretty darn solid number. San Diego, $211,000 Los Angeles, $180,000. For us in Southern California, a lot of first time buyers gravitate to the Inland Empire, $173,000.
So fairly solid income limits, allowing you to make a good amount of money and qualify for this program. So secondarily, you said some important things. Debt to income ratio, credit score. So your debt to income ratio is going to be determined by your FICO. To be eligible with standard income qualifications, you have to have a 680 FICO and you’re gonna be limited to a 45% debt to income ratio.
If you’re 700 credit score above, you can go all the way to a 50% debt to income ratio. Which one of the things [00:09:00] with the CalHFA loans that we always talk about, they limit the DTI. If you have a 700 credit score, which Jeb, we did that episode a few months back, the median score in the US is 720, 725.
So if you’re within the range of median or above, you’re gonna be able to go to a 50% debt to income ratio. You already hinted at some of the big benefits, Jeb. There is no payment on that 20% down. So even though there’s a lien, it is as if you had a 20% down payment. You’re getting a much smaller loan than an FHA 96.5%.
Second piece of it, doesn’t have mortgage insurance if you structure it that way. So again, the savings is significant. We have a joint client right now that we had on another program. We just looked at it for him. The difference in monthly payment is $700.
[00:09:44] Jeb Smith, Huntington Beach Realtor: Actually, I was going to go that direction. A client buying a home here in Southern California, purchase price is $660,000. They were doing an FHA loan putting three and a half percent of their own funds down, which, in this case was what? Just over $21,000? I don’t know what their payments were, but Josh, you went to this seminar, heard more details about this program, came back and said, “Jeb, I think we can switch them to the Dream for all program. They’re gonna get a 20% down payment upfront. It’s essentially gonna save them seven, $800 a month.” That’s huge. Huge.
[00:10:19] Josh Lewis, California Mortgage Broker: Yeah. And again, it’s not free money. There is a lien sitting there that is going to get repaid at some point. We kind of went through what that repayment looks like, but it is really low cost money.
Most people, when you say, Hey, I have this option, that there will be some repayment at at some point in the future at a fairly low rate of interest, but it’s gonna save you 500, 600, $700 a month.
[00:10:39] Jeb Smith, Huntington Beach Realtor: Well, let’s talk about that. So if you’re saving $700 per month, I mean, that’s $8,400 per year. If you keep that property for five years, that’s $40,000 you’ve saved just in the monthly payment alone.
So even if you had to pay back $40,000, you’re essentially in the exact same spot you would’ve been doing the other program. Which again, I don’t think is going to be the case for a lot of people out there paying $40,000, which we’ll talk about in some examples. But, let’s go a little bit deeper on ltv, putting some additional money down. How much can you put down? Can you get additional funds on top of the down payment From the Dream for All program?
[00:11:18] Josh Lewis, California Mortgage Broker: So let’s start with the additional money down. I had a client here, had reached out. They said, “Hey, we’re interested in this program, but we’ve got a number of questions. One of them being, how much am I allowed to put down?” They qualify for about $700,000.
They’re in a fortunate situation. They have a 50% down payment. They only qualify for about a $350,000 mortgage. They say, “can I do this and get a 20% down? Cause if so, we could add about $200,000. We go to 900 grand, they put that 20% in there. Is that possible?”
And what we found out is it is possible there’s a minimum combined loan to value for this of 70%. So meaning they’re giving you 20%. So that takes that combined 70% down to [00:12:00] 50%. You can’t put more than 30% down on this. So if like them, you’re in a situation where you have a large cash position, you have an inheritance, you could be low income and be like, “I don’t know how we’re ever gonna buy.”
But again, uncle Stan dies and you have $150,000 for a down payment. You get $150,000 from the state and it gives you a much more reasonable payment. That buying may be an option for you than it was you. Now, Jeb, let’s let rest in peace, Stan. Let’s transition to the things I think is probably more likely.
We talked about this not having mortgage insurance, that it’s a hundred percent financing. Well, you can actually go to 105% on this. You can get down payment assistance from outside sources. CalHFA has programs where they will do second and third mortgages to help you cover your closing costs. That cannot be used in conjunction with the Dream for All.
But if there’s another community organization that will give you a grant or a second lien for your closing costs, you can go up to 105%. But what I think is gonna be the most common outcome here with the Dream for All program is a borrower is gonna say, I will put 15% down. I will go to that 105.
So I’m getting an 85% first, I’m getting a 20% second for 105%, and I use that 5% to cover all of my closing costs. So in that instance, a borrower can walk into this deal with no money out of pocket, and the only thing they’re trading, obviously you’re gonna have slightly larger loan because you have 85% first versus an 80% and you’re gonna have mortgage insurance.
For a borrower, a good borrower, 720 plus credit score. Two borrowers. You’re looking at a like a .24-.25% mortgage insurance rate. If you have much higher credit scores, it could be even lower than that. So for most people, would, I like to pay a quarter of percent in mortgage insurance and not come in with any money. Or do I want to use my money? There’s no right or wrong answer. If you have it, you may choose to do it. But if you don’t have it, you’re like, “I don’t have those funds. I’m happy to get those.”
[00:13:54] Jeb Smith, Huntington Beach Realtor: And going off topic once again, what do you say to the people who are gonna say this is leading us down a path where people have no equity in the property. They have nothing in the property, and if something happens, they’re just gonna walk away and that’s gonna put us in a position like we were in ’08. Let’s not even say ’08. Let’s just say there’s no equity in the property. Something goes sideways. I’ve got no skin in the game. I’m gonna walk away. Is that more likely in these cases?
[00:14:19] Josh Lewis, California Mortgage Broker: Absolutely some validity to that. The big difference to say 2008, those loans were crazy. You know, you would have a, a five and a half percent first on a 2/28. You take that out in 2006 and 2008, it adjusts and it’s going up to seven and a half, eight and half, nine and a half percent depending on the terms of the loan.
And you had a second at 12%. That you were paying interest on. This there’s no payment and you have a reasonable fixed first. So definitely validity to the concerns of what you’re saying. Much lower than what we saw 15 years ago, but, but truly valid concerns.
Jeb, another concern that you had mentioned saying, Hey, first time buyers are still having a hard time in California. The media would love to tell you that the, the market is dipping and [00:15:00] sellers are cutting their prices and you go in and name your price.
You and I deal with buyers all day, every day. That’s a pretty rare occurrence. That someone just gets to write an offer and get it accepted. There’s negotiations, there’s back and forth, there’s multiple offers. And when we have that situation and now we’re arming more buyers with the ability to pay more for homes, there’s a risk.
So, Jeb, for me, where that leads me is how much of a risk, how many of these are we doing? Right now the state of California has allocated $300 million for this program. That sounds like a lot of money, right? But before we came on here, you and I ran the numbers at $750,000. With that being the state median, $750,000. Most first time buyers, most Cal HFA borrowers are probably gonna be lower than that.
So we took a figure of 80% of that, $600,000. That means this 20% second would be $120,000. Approximately, the state has about 2,500 units of these loans that they can do. We ran the numbers, Jeb. Currently we’re selling about 24,000 homes in a month in California. If 10% of borrowers use this, the money’s gone in a month.
So I think we’re gonna be out of money within 60 to 90 days and for the year, what are we talking 1% of homes in the state will have used the program. So systemic risk. Very, very little. We will only know how this performs over the long haul.
[00:16:15] Jeb Smith, Huntington Beach Realtor: No good stuff. Yeah annualized we’re selling about 235,000 homes a year, so, you know, 2,500 of them. If everybody defaulted. You know, unlikely to start, but very, very small percentage to start. But the important part, I have this loan, the 20% down. I’ve bought a house. I want to do something, maybe sell, refinance. When do I have to pay the money back?
[00:16:37] Josh Lewis, California Mortgage Broker: So any transfer of title. it’s written in the guidelines and their underwriting manual on this is not long and it’s not explicit.
So if I put it into my trust, does it trigger me having to pay it off? If I get married and want to add my new spouse on it, does that trigger it? Doubtful. But if I own the house with this and I transfer it to Jeb, Probably going to trigger that, being repaid.
Selling the property, paying off the first lien. And this is an interesting one. Most people go, it’s a $400,000 loan. I’m not paying that thing off anytime soon. Well, think about this, at the end of 30 years, you will have paid off that loan and the CalHFA loan is due and payable. So you can’t have it set out there for perpetuity.
Like you could say, “I’m gonna get in. This is an awesome payment. I’m happy to own a home in California. I’m never moving.” Once that first mortgage is paid off, you also have to repay the state. So that’s an important trigger to consider. It’s 30 years down the line. Not a big concern for most people, but it is a concern there that you would have.
If you pay off the subordinate loan principle balance. Well, no kidding, if I pay it off, I have to pay it off. That one’s a pretty simple one.
Now this is the big one to all buyers that they want to pay attention to. Refinance of the the first loan. So they have one asterisk in there and I’m gonna read you exactly what it reads cuz this is exactly all and everything that we know about your ability to refinance your first mortgage [00:18:00] if you take out this loan.
It says, “during the life of the shared depreciation loan, CalHFA will allow borrowers to refinance the first mortgage loan into a single limited cash out refinance as defined in the Fannie Mae selling guide without requiring immediate repayment of the shared depreciation loan, one time and one time only, so long as you also comply with CalHFA’s resubordination policy.”
And what I can tell you is that subordination policy has changed over time. Sometimes more restrictive, sometimes less restrictive. The simple reading of this is you will have one opportunity in the time that you have that loan to refinance to a lower interest rate without triggering that.
[00:18:36] Jeb Smith, Huntington Beach Realtor: So if rates drop a quarter and I’ll go out there and try to refinance it immediately. You might wanna pause just for a bit.
[00:18:43] Josh Lewis, California Mortgage Broker: Well think about that, Jeb. What do we usually say? We did the refinance episode last week. If you have a $500,000 first loan, and you take the 125,000 rule of thumb, divide it by 500,000 , it says I need to save a quarter percent. If I have this, there’s no world in which I’m gonna refinance for a quarter percent.
I’m waiting for an opportunity to save a half percent, a full percent. So it requires some foresight of you knowing or thinking you have an idea of what’s gonna happen with interest rates in the future, but absolutely do not get trigger happy and refinance. The first time you have the ability to.
[00:19:12] Jeb Smith, Huntington Beach Realtor: Now there’s one on here that I think is super interesting, and that’s the idea that if the property stops being your primary residence, you know, we often have people saying, Hey, listen, house hacking, I’m gonna buy a house and then I’m gonna live in it a couple of months and I’m gonna turn it into a rental.
Well, in the case that you do this with the shared appreciation loan, that can essentially trigger the repayment of that 20%, is that right?
[00:19:33] Josh Lewis, California Mortgage Broker: That’s my understanding. Again, the way it was told to us that if it is no longer your primary residence, it will trigger that much kind of like a reverse mortgage does. Not necessarily the easiest thing for CalHFA to determine, to find out whether it’s still your primary residence, but there are ways that they could potentially become aware of it.
The other one that we don’t even wanna really talk about, the filing and recording of a notice of default. So if you go into default on the first mortgage, It will trigger default on the second. And unless that notice of default is rescinded, they’re going to call the second due. They’re basically gonna protect their rights in that property, just like any other second lender.
[00:20:06] Jeb Smith, Huntington Beach Realtor: Good stuff. And more importantly, Josh, the, probably the one thing people have been waiting to hear is, what are the rates for these types of program?
[00:20:15] Josh Lewis, California Mortgage Broker: So they are posted every day by CalHFA. They don’t change often weekly, monthly, sometimes. Right now, if you do not meet the low income requirements, so if you’re not at 80% of your area median income or lower, you’re at 6.375%.
If you qualify for this program and you do meet their low income requirement of 80% of the area median income in the home that you’re buying, it drops down to 6%. So the vast majority of people are gonna get 6.375. Some folks will get,
[00:20:41] Jeb Smith, Huntington Beach Realtor: And so with that said, at the time we’re filming this video, where are conventional rates today?
[00:20:45] Josh Lewis, California Mortgage Broker: It’s right in line. The funny thing is I ran that number for the gentleman who was asking, Hey, if I put money down, where is this look. We ran the numbers of his 700,000 purchase with 50% down and we ran this. He could get maybe an eighth, possibly a quarter of a percent lower, but certainly not enough [00:21:00] lower to offset or mitigate the benefit of this large amount of money that you’re not making.
[00:21:04] Jeb Smith, Huntington Beach Realtor: So super competitive and credit score matters more on the dti, not on the interest rate.
[00:21:09] Josh Lewis, California Mortgage Broker: A hundred percent correct. They don’t look at it. So if you meet the criteria for their program, you get 6.375 or you’re low income, you get 6%. It’s really, it’s binary.
[00:21:18] Jeb Smith, Huntington Beach Realtor: So, people out there are listening to the numbers going okay. Let’s get an example, Josh. So I think it’s important here to talk about some examples. What we can do here for those of you listening is we can provide a link where you can actually download these examples so you can check ’em out for yourself and you’re not having to memorize the numbers that we’re discussing.
But let’s start by talking about a $500,000 purchase, uh, to give people what they would expect to repay in this example. And let’s talk. Not the low income, but the regular moderate income buyer in this case. So they make 80% of the area median income or higher. So here in Orange County where we’re located, I think we looked, it was like $96,000 where we’re located here. 80% of that is in the 70 something thousand dollars range. So if you make more than that in this case, what do the numbers look like?
[00:22:08] Josh Lewis, California Mortgage Broker: So again, using that same example provided directly from CalHFA. So $500,000, 20%, they’re gonna give you a hundred thousand dollars.
So you’re getting a hundred thousand dollars. And their example uses appreciation going up to $700,000. So we went from 500 to 700 over an indetermined timeframe. It’s $200,000 of appreciation. You are going to pay them back the a hundred thousand dollars that they gave you, plus 20% of the $200,000 of appreciation.
So $40,000. So if you get somewhere down the line, you sell that house for $700,000. The payoff demand from the state, from California Housing Finance Agency is gonna be for $140,000 in that instance. So in terms of saying how much did that cost me annualized? What was my interest rate that I was paying on that?
That goes back to the start of the show. Did it appreciate $200,000 in three years or 33 years? Cuz that’s what’s gonna dictate how much you paid on it.
[00:23:01] Jeb Smith, Huntington Beach Realtor: Got it. And so the second example we’re gonna use is somebody in the lower income, right? So you make less than that 80% median income and are we doing the same example? We’re going a little bit lower and saying $400,000 purchase in this case.
What does that look like?
[00:23:15] Josh Lewis, California Mortgage Broker: Yep. So they are giving you 20% of the 400,000. So they give you 80,000 to assist with your down payment. And in this example it said the same thing goes up $200,000. So you sell it at some point at $600,000. We got $200,000 of appreciation. In the previous example, there’s two ways you can look at this.
You’re still looking at the 20%, so it’s $40,000, but you only pay 75% of it. So in this instance, instead of paying back $40,000, you would pay back $30,000. The easy way to look at it is how much ever the home appreciates the difference between your sale price and your purchase price.
If you meet that low income criteria at time of purchase, you will pay back 15%. So in this instance, 30,000 on the 200,000, you borrowed 80,000 on the front end. You would pay back [00:24:00] $110,000 when you reach that payoff.
[00:24:02] Jeb Smith, Huntington Beach Realtor: No. So good stuff. So if you’re listening to this video wondering if you qualify, how you get in touch with somebody, understand that not all lenders out there have the ability to do CalHFA loans.
You have to be approved with a CalHFA lender. So if you want to get in touch with somebody that can guide you through that process, answer the questions that you have, see if you qualify, there’s a link in the description below. Go there. We’re happy to connect you with Josh. Somebody that can guide you through that process, answer your questions, and ultimately, hopefully get you to the finish line with it.
But with that said, Josh, any final thoughts on the program that you wanna mention today?
[00:24:34] Josh Lewis, California Mortgage Broker: They’re gonna run outta money quick. So if you’re interested in this, two pieces. You need to get pre-approved real quick. And you need to get out and get very serious about making offers on a property.
As of today, the program has been live for three days. Today is the third day. So we have no idea how many of these applications are coming in, how quickly they are closing. But our best guess, everyone is, is saying there’s two, 2000 to 3000 of these that can be done. I would say we will be outta funds within 90 days.
With the state budget issues, who knows whether this will be reallocated, uh, in terms of the next budget. I think the fiscal year runs through June, so we could have more money again in the second half of the year. But no guarantees of that. So if you’re interested and you think it works for you…
And something important to note.
[00:25:18] Jeb Smith, Huntington Beach Realtor: Not pushing you to buy a house, right? Just mentioning that there probably is some sort of time restriction on it just because there’s only a limited amount of money. So if it’s right for you, great. If it’s not and just not the right time to buy and it’s something that hopefully when you’re ready to buy you want to consider, just keep doing what you’re doing, don’t get caught up in the hoopla of it. Just stay informed, stay educated. But with that said, we appreciate you listening. We appreciate the continued support. We’ll see you next time. Adios.
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