I want to say that we looked into a similar program for my mother in law and there were some very big concerns we had about exiting as well. Also about how the property gets passed on in the event that the owner passes away.
Personally I do not think 380 a month is a good deal for HOA fees. Especially in North Park.
If you are getting a first and a second it sounds as if you are really pushing yourself financing wise. 5.75% on your first is not exceptional right now. However the 3% second is great. Have you looked into a CALHFA loan. There are some great deals for first timers out there.
My concern is that you guys sound like first time buyers. This home will not be your last home. So if you are going to be a first time buyer make sure that your exit strategy is not hindered. Also I think the program you are in prohibits you from using the property as a rental as well…
Seriously, if there is one segment of the market that has taken a beating and is continuing to get hammered, it is the condo market. I think with a little patience you guys can do really well in the next year or so…
