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bearishgurl
Participant[quote=AN]BG, none of those are around $150k. The cheapest one you linked to is $199k.
When you go above $200k, you can get SFR in MM too:
http://www.sdlookup.com/MLS-120021299-8660_Lepus_Rd_San_Diego_CA_92126
http://www.sdlookup.com/MLS-120017345-10333_Brookhurst_Ln_San_Diego_CA_92126
http://www.sdlookup.com/MLS-120015495-8713_Cetus_Rd_San_Diego_CA_92126I didn’t mention SFR because there’s no SFR in MM for around $150k and there are none in Clairemont as well.[/quote]
I understand, AN. The OP wasn’t entirely clear on their price range for a purchase (the best thing to do is to tell them to get prequalified). He all but stated they have no problem paying $1300 mo rent and like their current location (92117). The current 30 yr fixed FHA rate is currently about 3.5% with a one-point origination fee and a 1.75% up-front MIP payment (under the new guidelines). Under the 203b program, the monthly payments will be as follows:
For a $150K purchase (likely condo):
DP $5250, Orig fee $1447.50, up-front MIP $2533.1397.5% P&I for $144,750 mtg: $660.06
Est mo taxes for City of SD (urban): $146.25
Contents ins premium: $33.20
1.25% MIP: 150.78
HOA dues: $250-$300
Total mo pymt: $1240.29 to $1290.49***********************************
For a $200K purchase (likely small house):
DP $7000, Orig fee $1930.00, up-front MIP $3377.5097.5% P&I for $193,000 mtg: $880.08
Est monthly taxes for City of SD (urban): $195.00
Homeowner’s ins premium: $62.76
1.25% MIP: 201.04
Total mo pymt: $1338.88***********************************
For a $250K purchase (larger 2-3 bdrm house)
DP $8750, Orig fee $2412.50, up-front MIP $4221.8897.5% P&I for $241.250 mtg: $1100.10
Est monthly taxes for City of SD (urban): $210.77
Homeowner’s ins premium: $78.45
1.25% MIP: 251.30
Total mo pymt: $1640.62***********************************
If they were able to go conventional (had a 20% down payment), they could save themselves thousands per year on monthly MIP premiums and avoid the hefty up-front MIP payment as well as the 1% origination fee and thus get far more house for the money (due to borrowing a lower amount and having a lower interest rate).As it currently stands (with FHA financing), the smallish house that could be purchased for $195K to $205K (they’re out there, folks, and some are on larger lots) seems like the best bet for them to have mo mortgage payments in line with their current rent, IMHO. This would be better to live in with a baby than to share walls with partying singles and/or transient tenants and they wouldn’t grow out of it as quickly. If they did, they could consider a room addition in lieu of trying to again qualify for a new, larger mortgage on another house in the coming years.
Just ONE rent increase in the coming months could make their case for homeownership!
Participant[quote=svelte][quote=jstoesz]
I do not understand food stamps, lets build some stuff. Why is it so hard? The hoover dam and the golden gate were built in the depression, why can’t we get that stuff off the ground now?
[/quote]Where, you may ask, are ARRA funds being used to build something in San Diego county?
In just a few minutes of searching, I found the following:
(there may be some overlap in these numbers, I have not deconflicted)
$72M – Transit Improvements
$58M – Trolley Improvements (may be included in above number? Not clear)
$9M – SR-76 and I-805 Improvements
$5M – Energy Conservation Improvements at various government buildings
$2M – Gillespie Field Airport Construction
$1M – Street/sidewalk improvements in Del Mar, Imperial Beach, Lemon Grove, Poway, Solana Beachhttp://www.projectdesign.com/resources/news_102/oceanside_transit_ctr..pdf
http://www.ncppp.org/publications/TransitSD_0907/Terry_SD090707.pdf
http://www.recoverysdcounty.org/awards_infra.html
http://www.recoverysdcounty.org/awards_housing.html
http://www.recoverysdcounty.org/awards_energy.html
http://www.ncppp.org/publications/TransitSD_0907/Terry_SD090707.pdf%5B/quote%5DThanks for your “cursory” research, svelte. All good to know :=]
Participant[quote=flu][quote=bearishgurl]How is a buyer going to successfully ask for and receive a $3K closing-costs credit (for up-front MIP?) if condos in MM typically have cash offers from investors to consider?[/quote]Not sure what cash offers from others has to do with FHA financing specifically. If you’re arguing that the condo is multiple offers, with some being cash offers, how would your offer (with a loan) stack up versus a cash offer. Well, then that’s a good point probably…But that’s consistent with what sdr is saying when he says “Only issue is actually finding one to buy.” But I suspect once you start talking about $200k+ property, the number of “cash” buyers probably starts to dwindle a bit…
Most FHA loans I believe have a pretty generous closing credit…. At least that’s what Absolute Mortgage was advertising a few weeks back when I was generally look at rates.[/quote]
flu, in my post, I was thinking that the suggestion was to ask the sellers for a closing credit in the neighborhood of $3-$5K to help with up-front MIP and that this provision in their offer would likely be trumped by strong cash offers.
I was unaware that there were lenders out there who would extend a closing credit to new FHA mortgagees.
[quote=flu][quote=bearishgurl]birmingplumb, the *new* MIP for FHA loans is costly.[/quote]Well, of course it costs more than a traditional loan. Because the purpose of it is to extend financing to people who don’t have sufficient down and/or don’t have good enough credit. But whether it costs more than a conventional loan is irrelevant. What is relevant is after grinding through the math is if it pencils out to be lower or comparable to rent.
But all this is really a moot point, because at the way Mira Mesa inventory is looking, that’s the main problem.
If it were me, and if I could manage to stay put for 5 years at least. I would be looking to buy. That’s just me.[/quote]
Exactly, flu, the subject of MM condos here is moot. Thus, my post above. I find it idiotic that MM condos were brought up as an option for birmingplumb’s daughter and SIL in the first place because any current listings there that are in their price range are likely swarming with investor-buyers with strong cash positions (acc to Piggs “presumably `in the know'”) and the OP’s prospective buyers will likely be coming in with a low downpayment.
And as a young “blue-collar” family, they likely do not fit the profile of the “single professional” whom several Piggs have claimed here are typically attracted to and occupy MM condo units.
birmingplumb’s daughter and SIL would be much better off trying to locate a small SFR in the low-mid $200’s with a YARD and avoiding the issue of HOA dues and degree of owner-occupancy entirely, IMO. Over time, they could make an SFR far more resaleable than an older condo, IMO. Believe it or not, there are plenty of these listings out there!
birmingplumb, here are some currently listed examples not far from where your daughter and SIL currently reside:
http://www.sdlookup.com/MLS-120013220-4858_Boise_Ave_San_Diego_CA_92117
http://www.sdlookup.com/MLS-110053834-4575_Southampton_St_San_Diego_CA_92117
http://www.sdlookup.com/MLS-120025663-6637_Comstock_Ct_San_Diego_CA_92111
The first two are “short sales.” The comments indicate the first one is a “real fixer.” In perusing the limited photos, it does NOT appear to be a “fixer” except for the landscaping, IMHO. The third one is in a better location (YES, it IS better, Piggs :=]) and is a “traditional sale” with a very ample lot which needs landscaping work. The first and third one are small but could be added onto, due to lot size.
There ARE options for SFR’s in SD in the low-mid $200’s but the buyer needs to be aware than many SFR listings in this price range are situated on busy streets and have deafening fwy noise which can be heard day and night standing on the lot. I did not include those listings here.
birmingplumb, South County would work out well for your SIL’s job as the shipyards are 6 miles from West Chula Vista 91910, 3 miles from National City 91950, 5 miles from Paradise Hills 92139, 4 miles from Valencia Park 92114 and 4-5 miles from North Bay Terraces 92114. A buyer can get more for their money in a well-built SFR and even larger lot in these areas than upper Clairemont 92117 and Linda Vista 92111.
In my experience, I have found it cheaper to do a little “fix-up” work on an SFR than to waste money on monthly HOA dues, which can go up periodically as well as have costly “special assessments” required of each owner, both strictly at the whim of the HOA Board.
Participant[quote=sdrealtor]HOA and taxes should be less and iunterest rate is lower. I’d dropp the monthly carrying cost about $100.
Also FHA buyer could ask for 3% closing cost credit and get in for only the 3.5% down.
Only issue is actually findig one to buy.[/quote]
How is a buyer going to successfully ask for and receive a $3K closing-costs credit (for up-front MIP?) if condos in MM typically have cash offers from investors to consider?
And how many of the complexes there will actually qualify for FHA financing … that is, have enough owner-occupants in them?
birmingplumb, the *new* MIP for FHA loans is costly.
Breaking Down The April 2012 FHA Mortgage Insurance Premium Changes
NOTE : FHA mortgage guidelines change frequently. Relevant updates are posted to http://themortgagereports.com/fha-most-recent-updates. Information below may be outdated.
The “other shoe” dropped Monday when HUD announced that mortgage insurance for FHA loans will increase April 1, 2012 and again June 1, 2012. Mortgage insurance, similar to Fannie Mae and Freddie Mac guaranty fees, protect one party from the risks of the borrower becoming delinquent of going into foreclosure.
FHA loans have two tiers of mortgage insurance.
As FHA mortgage insurance exists today, there is an up-front mortgage insurance premium equal to of 1 percent of the loan’s amount. Upfront MIP can be added to closing costs, or borrowers can finance it by adding it to the loan amount.
There is also an annual MI premium that varies by loan type. For 30-year fixed rate mortgage, annual MIP is equal to 1.1% of your loan size for LTVs of 95% or lower. For everyone else, annual MIP is 1.15% of the loan size.
Annual MIP is paid monthly. The formula is (Loan Size) * (MIP Rate) / (12 Months) = Monthly MIP payment.
So what the does the FHA’s new mortgage insurance rates mean to FHA mortgage applicants?
Starting April 1, 2012, Upfront MIP for loans raises from 1.000% to 1.750% of the loan size. Annual MIP fees change, too, climbing by 10 basis across the board, and by an additional 25 basis points for loans between $625,500 and $729,750.
$729,750 is the largest FHA loan limit. It’s reserved for high-cost areas like the Washington, D.C. Metro area, New York City, and many parts of California.
If you think you’ll want an FHA loan for your next mortgage, the best way to avoid the new FHA fees is to have your FHA Case Number assigned before the new FHA MI premiums go into effect April 1, 2012. All existing FHA mortgages will use the “old” MI rates.
http://themortgagereports.com/7964/the-new-fha-mortgage-insurance-premium-breakdown
Participant[quote=UCGal]…But I’ve got another year before I have to figure it out for middle school. My 5th grader didn’t make it into High Tech Middle (lottery to get in), but should be allowed to continue in the seminar program till 6th… so I’ve got another year before panic sets in.[/quote]
UCGal, there’s no cause for “panic,” you’ve got boys, no? UC is a very highly regarded school in the SDUSD, as is Standley. I think both of them are awesome schools as is the environment around the UC community. Just keep applying to the lottery every year and enroll your kids locally. Keep it simple and easy for yourself. It doesn’t get much better than UC … not even in LJ. CHOICE and VEEP students are likely bussed into EVERY HS in SDUSD, depending on programs offered. As you know, no one but the district brass are in control of this. Perhaps UC (like LJ, PL and Henry) doesn’t have enough HS students in its attendance area to fill the school so HAS to bus-in to keep the school financially viable. This is likely due to most of the homeowners in its attendance area being boomers and beyond. There’s nothing anyone can do about this. Consider yourselves fortunate that your area is stable and nearly devoid of distressed properties (SFRs). For the residents of UC with school-age kids, I would think that keeping schools in older areas open (like UC) would be FAR preferable to closing it and having their children force-bussed elsewhere or dividing them into different schools – a little in each one (like they did when Lincoln Prep was under construction).
http://en.wikipedia.org/wiki/Lincoln_High_School_%28San_Diego,_California%29
For five years, HS students who all lived on the same block in the SD areas of Sherman, Southcrest, Shelltown, Logan Heights and Mtn View had to be bussed to up to seven different high schools! Imagine that!
Keeping a HS open in an older area of town serves a purpose . . . the most important one in keeping its surrounding community cohesive, IMHO.
Participantscaredy, do you wear birkenstocks into the courtroom and the Big House (to see your “clients”), and if so, do you wear socks with them?
Just wondering …. ;=D
Participant[quote=Allan from Fallbrook]Brian: I despise young high achievers. Being old and grizzled, I hew to the sign that my dad had on his desk at home: “Old age and treachery will always overcome youth and skill.”…[/quote]
So true, Allan . . . LOL . . . :=}
May 20, 2012 at 1:35 PM in reply to: Devastating Setback for Temecula: Quarry/Gravel Pit is Approved May 2012 #744156ParticipantFrom the OP’s article:
On Tuesday, May 15, supervisors Bob Buster, Jeff Stone and Tavaglione voted to formally deny the controversial quarry. Tavaglione then voted alongside supervisors John Benoit and Marion Ashley to approve the environmental document.
Taken from the bottom of the minutes of the RIV Co BOS meeting of 5/15/12.
14.1 COUNTY COUNSEL: Denial Findings for Surface Mining Permit No. 213 and Reclamation Plan, Change of Zone No. 7508 and Noise Ordinance Exception No. 2, Final Environmental Impact Report No. 475; 1st/3rd District.
(APPROVE THE DENIAL OF THE FINDINGS AND CERTIFY THE EIR)
(emphasis added)
http://rivcocob.com/proceeds/2012/p2012_05_15.htm
paramount, were the residents of the 1st and 3rd Districts the ones to be impacted the most from operations of the proposed Liberty Quarry Mine (represented by Buster and Stone)?
http://www.countyofriverside.us/government/boardofsupervisors.html
With the CEQA and permit review process completed, the lead agency must approve or deny the permit within 6 months of certifying the EIR or within 3 months of adopting the Negative Declaration and file a Notice of Determination (NOD). Responsible agencies must then act within six months after the lead agency’s action or, if the developer¬applicant has not already filed an application with a responsible agency, within six months from the time the application is filed (except as modified under Health and Safety Code §25199.6).
(emphasis added)
http://ceres.ca.gov/ceqa/guidelines/intro.html
In a meeting of February 15, 2012, the Riverside County BOS voted to deny the plans for the quarry. The votes 3-2 were along the same district lines.
The May 15, 2012, vote to uphold Liberty’s (expensive) EIR was 90 days later. The final recommendation to approve Granite’s EIR was made by county counsel. A qualified person or agency with the authority to bring a recommendation before a CA BOS on how they should vote on it must do so in writing at least two days before the meeting in which the voting will take place.
It is VERY likely the supes discussed this item with their counsel in closed session before the meeting and it was previously placed at the bottom of the agenda for good reason. The supes didn’t want any outcries from the “No Quarry” NIMBY’s in the audience until the cameras stopped rolling and the meeting was adjourned :=0
I don’t know all the “ins and outs” of CEQA but would surmise that Granite has a stronger remedy against a denial of its EIR since the activities of all the state and local agencies its EIR had to go through are highly regulated by the state and federal goverment. Tavaglione, currently running for Congress, came to the realization that Granite would likely be able to force the vote of approval of their EIR in the end and he didn’t want his vote to look “stupid,” since he is running on a “pro-biz” platform.
http://www.johntavaglioneforcongress.com/
paramount, the “NO QUARRY” group never enjoyed a unanimous vote of the supes. It was ALWAYS split along district lines. Those types of issues can go either way, depending on the circumstances at the time of the final vote (or “whichever way the wind is blowing” as they say in “politicoese”) :=0
ParticipantI see now that the article stated the husband was a “former” SD police officer. Perhaps he was already “disciplined” for this incident.
ParticipantI don’t know the facts of this case but based upon the amount of time these defaulting trustor(s) had to completely trash the place AFTER the bank took it back, I suspect this is another sign of “lender malaise.” Had their lender timely foreclosed and timely began eviction proceedings immediately after the filing of their trustee’s deed, these former owners/squatters may have realized that the eviction on their record would have prevented them from renting anywhere as they presumably have at least one local job to go to every day and left timely and peacefully.
Lenders are sleeping in their own beds which were NOT carefully made because they allowed (and continue to allow) their scumbag defaulting trustors to walk all over them in all phases of the foreclosure process, perpetuating their already-inflated “entitlement mentality.”
Now these “subjects” (or at least the spouse) is facing sentencing for criminal charges for theft and vandalism and the husband likely disciplinary action (after his agencies lawyers comb thru their trial transcripts to determine the depth of their employee’s culpability). And they WILL because they can get them for FREE! It goes to the cop’s “integrity” that he was sworn to uphold.
It seems like the foreclosing bene could also sue them for damages after the conclusion of the criminal matter and get an easy judgment against them. After she is a convicted felon and can’t make a decent living anymore, the “husband/cop” would end up holding the bag for both of them and get his wages assigned after the judgment. This would be his just comeuppance coming home after his shifts and witnessing his spouse going thru these tirades and doing nothing to stop her, that is … if they were still living together.
She couldn’t have done all this damage in ONE DAY.
Another moral of this story … pick your “partner” you will be legally joined-at-the-hip with in every way very, VERY carefully. In many ways, you BOTH are viewed as ONE and the SAME :=0
Participant[quote=ocrenter]Nice video.
Wonder why the interest on the student loan was so high. I consolidated mine around a decade ago at 2.5%. Does the generally low interest rates over the last few years not apply to student loans?…[/quote]
If a student loan is “private” and not insured by Sallie Mae, its annual interest rates tended to be 6.5% – 8.5%, depending on when it was taken out.
ParticipantI believe this “shadow inventory” you speak IS there but has not yet been foreclosed upon (so it is not yet “bank owned”). A NOD may have been filed and even a NOS (which was not followed through). Many FB’s are squatting and some are making very low payments in trial mods to delay foreclosure (which they will likely not stay in for the long term due to never building equity). The “FB trial-mod group” and the “FB squatting group” will continue the charade as long as their lender(s) allow it because it is FREE or VERY CHEAP for them to do so.
So, yes, the lenders ARE “holding back” but they have yet to take title to these properties and thus the responsibility for all their cleanup, maintenance and taxpaying headaches.
Unless these lenders are hopelessly incompetent, they must also realize that many of their FB’s aren’t paying taxes or hazard insurance premiums either, so if something happens to their “collateral” while still “owned” by their FB, they are SOL. And, of course, they’re going to be left in the end holding the bag for back taxes and penalties :=0
ParticipantI don’t know where the subject lives but saw in his video where he stated he was a homeowner living on $2900+ per month while he paid off his student loan. As a homeowner myself, I have lived off $2700 – $3300 net for years (not months, as he did) and find it exceedingly difficult when utilities and insurance of every kind keeps going up, not to mention gas and food. And fuggetaboutit if your house ends up needing a repair!
I couldn’t believe it when he said he spent an avg of $1700+ every month on entertainment before he decided to pay off his student loans! WTF??? That is an avg of about $58 per day!!
I applaud him for selling extra vehicles and “stuff,” getting roommates and doing odd jobs to retire his $102K student debt in 6-7 months! The vast majority of student-loan holders just pay the minimum payments due or defer their debt into oblivion (and accrue mounting interest) until the debt is completely unmanageable and then cry wolf. This occurs no matter HOW much they’re making. Their “lifestyle” just grows along with the paycheck with no regard for trying to actually reduce their debt. :={
May 18, 2012 at 9:46 PM in reply to: OT: “Act Now: Get $30000 cash back from Bank of America if you short sale before…” #744113Participantdupe.
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