Home › Forums › Housing › Anyone else see problems here? $30,000 income buys $316,000 house? › “The lending package that
“The lending package that enabled the family to buy the home was a patchwork of fixed-rate loans, grants for low-income buyers and city redevelopment funds. ”
300k home 30k stated income
97/3 fha loan
low income program, 5k http://www.sandiego.gov/redevelopment-agency/pdf/nofaprograms.pdf
redevelopment funds 5-30k http://www.sandiego.gov/redevelopment-agency/pdf/fshomeheights.pdf
results at best in a 270k price (not including whatever ancillary costs, agent fees, broker, etc).
at 6%, that’s some 1350/mo. 30k/year with 5 exemptions… dunno? 2500/mo in pocket? his wife probably works too…
it’s close, i wouldn’t do it, especially 300k purchase price for city heights. but doable and not ridiculously “socialized”.
