brand new house in poway

[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.

[Aecetia]

Metate can be kind of busy when people use it to avoid Poway Rd. traffic and signals and they also speed on it frequently. It is not a bad looking house, but I think bearish has listed some problems with the property. Poway is a very nice community with good schools.

[Aecetia]

Metate can be kind of busy when people use it to avoid Poway Rd. traffic and signals and they also speed on it frequently. It is not a bad looking house, but I think bearish has listed some problems with the property. Poway is a very nice community with good schools.

[Aecetia]

Metate can be kind of busy when people use it to avoid Poway Rd. traffic and signals and they also speed on it frequently. It is not a bad looking house, but I think bearish has listed some problems with the property. Poway is a very nice community with good schools.

[Aecetia]

Metate can be kind of busy when people use it to avoid Poway Rd. traffic and signals and they also speed on it frequently. It is not a bad looking house, but I think bearish has listed some problems with the property. Poway is a very nice community with good schools.

[Aecetia]

Metate can be kind of busy when people use it to avoid Poway Rd. traffic and signals and they also speed on it frequently. It is not a bad looking house, but I think bearish has listed some problems with the property. Poway is a very nice community with good schools.

[CA renter]

[quote=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.[/quote]

Couldn’t agree more, BG. Good post.

[CA renter]

[quote=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.[/quote]

Couldn’t agree more, BG. Good post.

[CA renter]

[quote=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.[/quote]

Couldn’t agree more, BG. Good post.

[CA renter]

[quote=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.[/quote]

Couldn’t agree more, BG. Good post.

[CA renter]

[quote=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.[/quote]

Couldn’t agree more, BG. Good post.

[fun4vnay2]

Thank You Guys,.

With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.

I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible

[fun4vnay2]

Thank You Guys,.

With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.

I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible

[fun4vnay2]

Thank You Guys,.

With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.

I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible

[fun4vnay2]

Thank You Guys,.

With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.

I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible

[Author]

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