In January, Mike Rowland was so broke that he had to raid his retirement savings
to move here [San Francisco] from Boston.
A week ago, he and a couple of buddies bought a two-unit apartment building
for nearly a million dollars. They had only a little cash to bring to the table
but, with the federal government insuring the transaction, a large down payment
was not necessary.
“It was kind of crazy we could get this big a loan,” said Mr. Rowland,
27. “If a government official came out here, I would slap him a high-five.”
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