Advantages and Disavantages of Buying Affordable Housing for Low Income People

[Raybyrnes]

These 2 comments are Bullshit. In San Diego the low and moderate income programs can be great depending on where you look. You can get a 400K place in Carmel valley at a fixed monthly payment of 1000 dollars or less. Take Airoso in Carmel Valley for instance. They have a low income component. Neighbors paid 600 plus for their place.

Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.

[jimmyle]

Thanks for your input. My sister will try to qualified and will attend a HUD first time buyer session tomorrow which is required for the buying process.

I think housing appreciation won’t be like the early 2000s any time soon so there is not much concern about profitting. As long as my sister can get an affordable place it is great.

This program is in a very nice city with good schools. The homes are 1300-1500 sqf.

one more question, my sister is single right now and her income meets the qualification. However, she plans to get married next year and her fiancee has high income. Will this affects anything once she bought the house?

[jimmyle]

Thanks for your input. My sister will try to qualified and will attend a HUD first time buyer session tomorrow which is required for the buying process.

I think housing appreciation won’t be like the early 2000s any time soon so there is not much concern about profitting. As long as my sister can get an affordable place it is great.

This program is in a very nice city with good schools. The homes are 1300-1500 sqf.

one more question, my sister is single right now and her income meets the qualification. However, she plans to get married next year and her fiancee has high income. Will this affects anything once she bought the house?

[jimmyle]

Thanks for your input. My sister will try to qualified and will attend a HUD first time buyer session tomorrow which is required for the buying process.

I think housing appreciation won’t be like the early 2000s any time soon so there is not much concern about profitting. As long as my sister can get an affordable place it is great.

This program is in a very nice city with good schools. The homes are 1300-1500 sqf.

one more question, my sister is single right now and her income meets the qualification. However, she plans to get married next year and her fiancee has high income. Will this affects anything once she bought the house?

[jimmyle]

Thanks for your input. My sister will try to qualified and will attend a HUD first time buyer session tomorrow which is required for the buying process.

I think housing appreciation won’t be like the early 2000s any time soon so there is not much concern about profitting. As long as my sister can get an affordable place it is great.

This program is in a very nice city with good schools. The homes are 1300-1500 sqf.

one more question, my sister is single right now and her income meets the qualification. However, she plans to get married next year and her fiancee has high income. Will this affects anything once she bought the house?

[jimmyle]

Thanks for your input. My sister will try to qualified and will attend a HUD first time buyer session tomorrow which is required for the buying process.

I think housing appreciation won’t be like the early 2000s any time soon so there is not much concern about profitting. As long as my sister can get an affordable place it is great.

This program is in a very nice city with good schools. The homes are 1300-1500 sqf.

one more question, my sister is single right now and her income meets the qualification. However, she plans to get married next year and her fiancee has high income. Will this affects anything once she bought the house?

[hawk]

I have a friend who purchased a low income unit in the Santaluz area and really likes it. I visit pretty frequently and it seems that the neighbors have not been a problem. She is now married and would not qualify either jointly or with her income as it has gone up.

With the low amount they are paying (less than 1k 2bdrm 2bath), they are able to save up for their future house. It has worked for them. Note, I am not advocating that this program is good for the housing market, but have seen people take advantage of it.

[hawk]

I have a friend who purchased a low income unit in the Santaluz area and really likes it. I visit pretty frequently and it seems that the neighbors have not been a problem. She is now married and would not qualify either jointly or with her income as it has gone up.

With the low amount they are paying (less than 1k 2bdrm 2bath), they are able to save up for their future house. It has worked for them. Note, I am not advocating that this program is good for the housing market, but have seen people take advantage of it.

[hawk]

I have a friend who purchased a low income unit in the Santaluz area and really likes it. I visit pretty frequently and it seems that the neighbors have not been a problem. She is now married and would not qualify either jointly or with her income as it has gone up.

With the low amount they are paying (less than 1k 2bdrm 2bath), they are able to save up for their future house. It has worked for them. Note, I am not advocating that this program is good for the housing market, but have seen people take advantage of it.

[hawk]

I have a friend who purchased a low income unit in the Santaluz area and really likes it. I visit pretty frequently and it seems that the neighbors have not been a problem. She is now married and would not qualify either jointly or with her income as it has gone up.

With the low amount they are paying (less than 1k 2bdrm 2bath), they are able to save up for their future house. It has worked for them. Note, I am not advocating that this program is good for the housing market, but have seen people take advantage of it.

[hawk]

I have a friend who purchased a low income unit in the Santaluz area and really likes it. I visit pretty frequently and it seems that the neighbors have not been a problem. She is now married and would not qualify either jointly or with her income as it has gone up.

With the low amount they are paying (less than 1k 2bdrm 2bath), they are able to save up for their future house. It has worked for them. Note, I am not advocating that this program is good for the housing market, but have seen people take advantage of it.

[briansd1]

[quote=Raybyrnes]
Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.[/quote]

It depends how soon you plan to move. But isn’t that what renting is all about?

You still have to pay transactions costs when you sell. So if appreciation is not in the cards, that will mean money out of pocket, if you sell too soon.

You cannot rent out the house for income.

[briansd1]

[quote=Raybyrnes]
Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.[/quote]

It depends how soon you plan to move. But isn’t that what renting is all about?

You still have to pay transactions costs when you sell. So if appreciation is not in the cards, that will mean money out of pocket, if you sell too soon.

You cannot rent out the house for income.

[briansd1]

[quote=Raybyrnes]
Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.[/quote]

It depends how soon you plan to move. But isn’t that what renting is all about?

You still have to pay transactions costs when you sell. So if appreciation is not in the cards, that will mean money out of pocket, if you sell too soon.

You cannot rent out the house for income.

[briansd1]

[quote=Raybyrnes]
Are you going to experience appreciation. NO. The point of these programs are to provide you a place to live, build your credit, save money, then move on and make way for the next family.[/quote]

It depends how soon you plan to move. But isn’t that what renting is all about?

You still have to pay transactions costs when you sell. So if appreciation is not in the cards, that will mean money out of pocket, if you sell too soon.

You cannot rent out the house for income.

[Author]

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