brand new house in poway

[fun4vnay2]

Any comments on this poway house: http://www.redfin.com/CA/Poway/12946-Metate-Ln-92064/home/25657436

pretty good price point here and size is good enough not too small or too big..

Thanks
DD

[SD Transplant]

these were built for low income occupants w/ special requirements.

[SD Transplant]

these were built for low income occupants w/ special requirements.

[SD Transplant]

these were built for low income occupants w/ special requirements.

[SD Transplant]

these were built for low income occupants w/ special requirements.

[SD Transplant]

these were built for low income occupants w/ special requirements.

[bearishgurl]

I have a few observations from the listing and photos provided:

-$2150 is too high of a PITI for a low-income buyer and could very quickly cause them financial distress in attempting to keep up these payments;

-MR is NOT mentioned in the listing but obviously factors into the $2150 PITI, along with the $160 mo HOA dues;

-“restrictions on resale,” as part of the CC&R’s has a severe effect on its present and future value;

-considering everything available in the county right now, a 1468 sf house on an obviously <5000 (substandard) lot is NOT a good value for the asking price OR monthly payment, IMO; and

-there are public and private programs available to retrofit a one-story house for wheelchair access at no cost to an eligible wheelchair-bound homeowner or homeowner with a wheelchair-bound family member.

I maintain that many properties of this size (or larger and w/larger lots) are currently available within SD County that would cost a new low-income buyer =< $1500 mo PITI after putting 5-10% down and would NOT have HOA, MR and CC&R's with restrictions on resale as this one does.

[bearishgurl]

I have a few observations from the listing and photos provided:

-$2150 is too high of a PITI for a low-income buyer and could very quickly cause them financial distress in attempting to keep up these payments;

-MR is NOT mentioned in the listing but obviously factors into the $2150 PITI, along with the $160 mo HOA dues;

-“restrictions on resale,” as part of the CC&R’s has a severe effect on its present and future value;

-considering everything available in the county right now, a 1468 sf house on an obviously <5000 (substandard) lot is NOT a good value for the asking price OR monthly payment, IMO; and

-there are public and private programs available to retrofit a one-story house for wheelchair access at no cost to an eligible wheelchair-bound homeowner or homeowner with a wheelchair-bound family member.

I maintain that many properties of this size (or larger and w/larger lots) are currently available within SD County that would cost a new low-income buyer =< $1500 mo PITI after putting 5-10% down and would NOT have HOA, MR and CC&R's with restrictions on resale as this one does.

[bearishgurl]

I have a few observations from the listing and photos provided:

-$2150 is too high of a PITI for a low-income buyer and could very quickly cause them financial distress in attempting to keep up these payments;

-MR is NOT mentioned in the listing but obviously factors into the $2150 PITI, along with the $160 mo HOA dues;

-“restrictions on resale,” as part of the CC&R’s has a severe effect on its present and future value;

-considering everything available in the county right now, a 1468 sf house on an obviously <5000 (substandard) lot is NOT a good value for the asking price OR monthly payment, IMO; and

-there are public and private programs available to retrofit a one-story house for wheelchair access at no cost to an eligible wheelchair-bound homeowner or homeowner with a wheelchair-bound family member.

I maintain that many properties of this size (or larger and w/larger lots) are currently available within SD County that would cost a new low-income buyer =< $1500 mo PITI after putting 5-10% down and would NOT have HOA, MR and CC&R's with restrictions on resale as this one does.

[bearishgurl]

I have a few observations from the listing and photos provided:

-$2150 is too high of a PITI for a low-income buyer and could very quickly cause them financial distress in attempting to keep up these payments;

-MR is NOT mentioned in the listing but obviously factors into the $2150 PITI, along with the $160 mo HOA dues;

-“restrictions on resale,” as part of the CC&R’s has a severe effect on its present and future value;

-considering everything available in the county right now, a 1468 sf house on an obviously <5000 (substandard) lot is NOT a good value for the asking price OR monthly payment, IMO; and

-there are public and private programs available to retrofit a one-story house for wheelchair access at no cost to an eligible wheelchair-bound homeowner or homeowner with a wheelchair-bound family member.

I maintain that many properties of this size (or larger and w/larger lots) are currently available within SD County that would cost a new low-income buyer =< $1500 mo PITI after putting 5-10% down and would NOT have HOA, MR and CC&R's with restrictions on resale as this one does.

[bearishgurl]

I have a few observations from the listing and photos provided:

-$2150 is too high of a PITI for a low-income buyer and could very quickly cause them financial distress in attempting to keep up these payments;

-MR is NOT mentioned in the listing but obviously factors into the $2150 PITI, along with the $160 mo HOA dues;

-“restrictions on resale,” as part of the CC&R’s has a severe effect on its present and future value;

-considering everything available in the county right now, a 1468 sf house on an obviously <5000 (substandard) lot is NOT a good value for the asking price OR monthly payment, IMO; and

-there are public and private programs available to retrofit a one-story house for wheelchair access at no cost to an eligible wheelchair-bound homeowner or homeowner with a wheelchair-bound family member.

I maintain that many properties of this size (or larger and w/larger lots) are currently available within SD County that would cost a new low-income buyer =< $1500 mo PITI after putting 5-10% down and would NOT have HOA, MR and CC&R's with restrictions on resale as this one does.

[bearishgurl]

I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.

[bearishgurl]

I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.

[bearishgurl]

I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.

[bearishgurl]

I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.

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