Thursday July 28, 2016

Silicon Valley Elites Get Home Loans With No Money Down

According to this Bloomberg article, banks in the Silicon Valley are using 0% down-payment tailored loans to attract tech workers into buying homes. Some banks have even went as far as putting branches the headquarters of Facebook and Twitter.

It turns out that even the well-off need help in a housing market as crazy as the one in the San Francisco Bay area, and lenders are elbowing each other in a rush to provide it. They’re courting Silicon Valley workers with tailored loans, guaranteed 24-hour approval and financial-planning services. Social Finance Inc. has deals with Google and other top technology companies that allow it to market to new hires. First Republic Bank -- which gave Facebook Inc. billionaire Mark Zuckerberg a 1.05 percent interest-rate mortgage -- has opened branches in Facebook and Twitter Inc. headquarters. San Francisco Federal Credit Union will finance 100 percent of houses costing up to $2 million.