[Raybyrnes]

Family 1 should be able to qualify for up to $486,625 in a non targeted area or 594,764 in a targeted area on New Construction. For resale non targeted they could probably look at up to 543,859 in a non targeted area or up to $664,716 in a targeted area. They can get into these program through the CHAFA Loan Program if they are a first time homebuyer becaue they meet the eligible income requirements.

Family two is subject to market rates. They don’t qualify for CHAFA becaue their income is too high. For this family I would think they are subject ot conforming loan limits which puts there maximum loan amounts twards 450000. There 45K would reduce the loan amount under 417000 but they might still have problems with the 20% down. I would still think that a sub prime or superprime might lend money up to this dollar amount.

[Raybyrnes]

Family 1 should be able to qualify for up to $486,625 in a non targeted area or 594,764 in a targeted area on New Construction. For resale non targeted they could probably look at up to 543,859 in a non targeted area or up to $664,716 in a targeted area. They can get into these program through the CHAFA Loan Program if they are a first time homebuyer becaue they meet the eligible income requirements.

Family two is subject to market rates. They don’t qualify for CHAFA becaue their income is too high. For this family I would think they are subject ot conforming loan limits which puts there maximum loan amounts twards 450000. There 45K would reduce the loan amount under 417000 but they might still have problems with the 20% down. I would still think that a sub prime or superprime might lend money up to this dollar amount.

[Raybyrnes]

raptorduck

Can you share wiht us what you have found with respect to pricing on homes that you looked at and actually sold. It might provide insight into how the high end is holding up. Are homes selling for asking price or below asking.

[Raybyrnes]

raptorduck

Can you share wiht us what you have found with respect to pricing on homes that you looked at and actually sold. It might provide insight into how the high end is holding up. Are homes selling for asking price or below asking.

[Raybyrnes]

raptorduck

Can you share wiht us what you have found with respect to pricing on homes that you looked at and actually sold. It might provide insight into how the high end is holding up. Are homes selling for asking price or below asking.

[Raybyrnes]

raptorduck

Can you share wiht us what you have found with respect to pricing on homes that you looked at and actually sold. It might provide insight into how the high end is holding up. Are homes selling for asking price or below asking.

[Raybyrnes]

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

[Raybyrnes]

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

[Raybyrnes]

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

[Raybyrnes]

Alex_angel
That’s the only way these loasn should have been written in the first place. They wer designed for wealthier individuals who were looking to to arbitrage the mortgage payment with investment opportunities.

Addditionally there is lots of interst only money still out there for Low and Moderate income people to qualify for through the Chafa Loan Program.
Today is Monday, November 12, 2007.

California Housing Finance Agency
INTEREST RATE SCHEDULE
Effective October 24, 2007
Interest Rate1

FIRST MORTGAGE FIXED RATE LOAN PROGRAMS
interest only PLUSSM (35-Year Fixed Mortgage) Conforming IOP Loan
6.375%
interest only PLUSSM (35-Year Fixed Mortgage) Non-Conforming IOP Loan 6.500%

40-Year Fixed Mortgage 6.625%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.250%

30-Year Fixed Mortgage

Moderate Income 6.500%

Low Income2 5.750%

Nonprofits3 & Affordable Housing Partnership Program (AHPP) – Low Income Only 5.750%

Extra Credit Teacher Program (ECTP) 5.750%

HomeChoice Program 4.000%

Self-Help Builder Assistance Program (SHBAP)3 – Low Income Only 3.000%

DOWN PAYMENT ASSISTANCE PROGRAMS

Term matches term of first mortgage

High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%

CalHFA Housing Assistance Program (CHAP)
6.750%

California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%

Extra Credit Teacher Program (ECTP)
5.000%

[Raybyrnes]

By the way for all those thinking that this guy from the Union Tribune get a ahdn out read the following. Maybe this makes some people on the board feel better.

Already Losing Equity As We Speak
Today’s front page article in San Diego’s Union Tribune documents the saga of a hard working immigrant family scooping up a foreclosure bargain in the City Heights area of San Diego.

Here’s the excerpt from the story:

“Blas Vazquez, 40, a father of four who works the overnight shift at Ralphs in Carmel Mountain Ranch, bought a foreclosed home in City Heights. For years he and his wife, Maria, and their children, ages 9 to 16, have lived in a small apartment nearby.

“We tried to buy a condo for about a year, but we couldn’t afford it because the price was so high,” said Blas Vazquez, who has a second job as a gardener to make ends meet.

Working with Community HousingWorks and Bank of America loan officer Teresita Davis, the Vazquez family last month purchased a small two-bedroom home on 41st Street for $305,000. A year earlier, the house had been offered for $500,000, Davis said.

The lending package that enabled the family to buy the home was a patchwork of fixed-rate loans, grants for low-income buyers and city redevelopment funds. Although the home is less than 900 square feet, it occupies a large lot that gives the Vazquez children plenty of room to play. There’s also a large covered front porch.”

As the reader that alerted us to the story pointed out, Mr. Vazquez paid $339/sqft for his “foreclosure bargain.” A quick check of Ziprealty reveals that Mr. Vazquez has already lost quite a bit of greens since he closed his deal…

Here’s one right on his street:

3403 41ST STREET, SD – East, CA 92105
–2 beds, 2 baths, 967 sqft
–5/2007: listed for $425,000
–Price Reduced: 07/30/07 — $425,000 to $400,000
–Price Reduced: 08/22/07 — $400,000 to $375,000
–Price Reduced: 09/21/07 — $375,000 to $325,000
–Price Reduced: 10/15/07 — $325,000 to $300,000
–Price Reduced: 10/25/07 — $300,000 to $275,000
–Price Reduced: 11/01/07 — $275,000 to $250,000 ($258/sqft).

…and what about this one just a few blocks away:

4451 REDWOOD ST, SD – East, CA 92105
–3 beds, 2 baths, 1,226 sqft
–10/02/2007: listed for $275,000
–10/29/2007: reduced to $249,000 ($203/sqft)

The 3403 41st street home trimmed its asking price 3 times, or $75,000 in reduction, while Mr. Vazquez was in escrow. Meanwhile, 4451 Redwood came on line and dropped its price as well duriing his escrow. By the time Mr. Vazquez close on his deal, he has lost 41% of his equity!

Remember folks, prices are heading toward 2001 pricing rapidly. The bleeding hearts at Community HousingWorks just created one more knife catcher that in all likelihood will fall victim to foreclosure in due time. Great work, Community HousingWorks!!!(http://bubbletracking.blogspot.com/2007_11_01_archive.html)

[Raybyrnes]

By the way for all those thinking that this guy from the Union Tribune get a ahdn out read the following. Maybe this makes some people on the board feel better.

Already Losing Equity As We Speak
Today’s front page article in San Diego’s Union Tribune documents the saga of a hard working immigrant family scooping up a foreclosure bargain in the City Heights area of San Diego.

Here’s the excerpt from the story:

“Blas Vazquez, 40, a father of four who works the overnight shift at Ralphs in Carmel Mountain Ranch, bought a foreclosed home in City Heights. For years he and his wife, Maria, and their children, ages 9 to 16, have lived in a small apartment nearby.

“We tried to buy a condo for about a year, but we couldn’t afford it because the price was so high,” said Blas Vazquez, who has a second job as a gardener to make ends meet.

Working with Community HousingWorks and Bank of America loan officer Teresita Davis, the Vazquez family last month purchased a small two-bedroom home on 41st Street for $305,000. A year earlier, the house had been offered for $500,000, Davis said.

The lending package that enabled the family to buy the home was a patchwork of fixed-rate loans, grants for low-income buyers and city redevelopment funds. Although the home is less than 900 square feet, it occupies a large lot that gives the Vazquez children plenty of room to play. There’s also a large covered front porch.”

As the reader that alerted us to the story pointed out, Mr. Vazquez paid $339/sqft for his “foreclosure bargain.” A quick check of Ziprealty reveals that Mr. Vazquez has already lost quite a bit of greens since he closed his deal…

Here’s one right on his street:

3403 41ST STREET, SD – East, CA 92105
–2 beds, 2 baths, 967 sqft
–5/2007: listed for $425,000
–Price Reduced: 07/30/07 — $425,000 to $400,000
–Price Reduced: 08/22/07 — $400,000 to $375,000
–Price Reduced: 09/21/07 — $375,000 to $325,000
–Price Reduced: 10/15/07 — $325,000 to $300,000
–Price Reduced: 10/25/07 — $300,000 to $275,000
–Price Reduced: 11/01/07 — $275,000 to $250,000 ($258/sqft).

…and what about this one just a few blocks away:

4451 REDWOOD ST, SD – East, CA 92105
–3 beds, 2 baths, 1,226 sqft
–10/02/2007: listed for $275,000
–10/29/2007: reduced to $249,000 ($203/sqft)

The 3403 41st street home trimmed its asking price 3 times, or $75,000 in reduction, while Mr. Vazquez was in escrow. Meanwhile, 4451 Redwood came on line and dropped its price as well duriing his escrow. By the time Mr. Vazquez close on his deal, he has lost 41% of his equity!

Remember folks, prices are heading toward 2001 pricing rapidly. The bleeding hearts at Community HousingWorks just created one more knife catcher that in all likelihood will fall victim to foreclosure in due time. Great work, Community HousingWorks!!!(http://bubbletracking.blogspot.com/2007_11_01_archive.html)

[Raybyrnes]

By the way for all those thinking that this guy from the Union Tribune get a ahdn out read the following. Maybe this makes some people on the board feel better.

Already Losing Equity As We Speak
Today’s front page article in San Diego’s Union Tribune documents the saga of a hard working immigrant family scooping up a foreclosure bargain in the City Heights area of San Diego.

Here’s the excerpt from the story:

“Blas Vazquez, 40, a father of four who works the overnight shift at Ralphs in Carmel Mountain Ranch, bought a foreclosed home in City Heights. For years he and his wife, Maria, and their children, ages 9 to 16, have lived in a small apartment nearby.

“We tried to buy a condo for about a year, but we couldn’t afford it because the price was so high,” said Blas Vazquez, who has a second job as a gardener to make ends meet.

Working with Community HousingWorks and Bank of America loan officer Teresita Davis, the Vazquez family last month purchased a small two-bedroom home on 41st Street for $305,000. A year earlier, the house had been offered for $500,000, Davis said.

The lending package that enabled the family to buy the home was a patchwork of fixed-rate loans, grants for low-income buyers and city redevelopment funds. Although the home is less than 900 square feet, it occupies a large lot that gives the Vazquez children plenty of room to play. There’s also a large covered front porch.”

As the reader that alerted us to the story pointed out, Mr. Vazquez paid $339/sqft for his “foreclosure bargain.” A quick check of Ziprealty reveals that Mr. Vazquez has already lost quite a bit of greens since he closed his deal…

Here’s one right on his street:

3403 41ST STREET, SD – East, CA 92105
–2 beds, 2 baths, 967 sqft
–5/2007: listed for $425,000
–Price Reduced: 07/30/07 — $425,000 to $400,000
–Price Reduced: 08/22/07 — $400,000 to $375,000
–Price Reduced: 09/21/07 — $375,000 to $325,000
–Price Reduced: 10/15/07 — $325,000 to $300,000
–Price Reduced: 10/25/07 — $300,000 to $275,000
–Price Reduced: 11/01/07 — $275,000 to $250,000 ($258/sqft).

…and what about this one just a few blocks away:

4451 REDWOOD ST, SD – East, CA 92105
–3 beds, 2 baths, 1,226 sqft
–10/02/2007: listed for $275,000
–10/29/2007: reduced to $249,000 ($203/sqft)

The 3403 41st street home trimmed its asking price 3 times, or $75,000 in reduction, while Mr. Vazquez was in escrow. Meanwhile, 4451 Redwood came on line and dropped its price as well duriing his escrow. By the time Mr. Vazquez close on his deal, he has lost 41% of his equity!

Remember folks, prices are heading toward 2001 pricing rapidly. The bleeding hearts at Community HousingWorks just created one more knife catcher that in all likelihood will fall victim to foreclosure in due time. Great work, Community HousingWorks!!!(http://bubbletracking.blogspot.com/2007_11_01_archive.html)

[Raybyrnes]

By the way for all those thinking that this guy from the Union Tribune get a ahdn out read the following. Maybe this makes some people on the board feel better.

Already Losing Equity As We Speak
Today’s front page article in San Diego’s Union Tribune documents the saga of a hard working immigrant family scooping up a foreclosure bargain in the City Heights area of San Diego.

Here’s the excerpt from the story:

“Blas Vazquez, 40, a father of four who works the overnight shift at Ralphs in Carmel Mountain Ranch, bought a foreclosed home in City Heights. For years he and his wife, Maria, and their children, ages 9 to 16, have lived in a small apartment nearby.

“We tried to buy a condo for about a year, but we couldn’t afford it because the price was so high,” said Blas Vazquez, who has a second job as a gardener to make ends meet.

Working with Community HousingWorks and Bank of America loan officer Teresita Davis, the Vazquez family last month purchased a small two-bedroom home on 41st Street for $305,000. A year earlier, the house had been offered for $500,000, Davis said.

The lending package that enabled the family to buy the home was a patchwork of fixed-rate loans, grants for low-income buyers and city redevelopment funds. Although the home is less than 900 square feet, it occupies a large lot that gives the Vazquez children plenty of room to play. There’s also a large covered front porch.”

As the reader that alerted us to the story pointed out, Mr. Vazquez paid $339/sqft for his “foreclosure bargain.” A quick check of Ziprealty reveals that Mr. Vazquez has already lost quite a bit of greens since he closed his deal…

Here’s one right on his street:

3403 41ST STREET, SD – East, CA 92105
–2 beds, 2 baths, 967 sqft
–5/2007: listed for $425,000
–Price Reduced: 07/30/07 — $425,000 to $400,000
–Price Reduced: 08/22/07 — $400,000 to $375,000
–Price Reduced: 09/21/07 — $375,000 to $325,000
–Price Reduced: 10/15/07 — $325,000 to $300,000
–Price Reduced: 10/25/07 — $300,000 to $275,000
–Price Reduced: 11/01/07 — $275,000 to $250,000 ($258/sqft).

…and what about this one just a few blocks away:

4451 REDWOOD ST, SD – East, CA 92105
–3 beds, 2 baths, 1,226 sqft
–10/02/2007: listed for $275,000
–10/29/2007: reduced to $249,000 ($203/sqft)

The 3403 41st street home trimmed its asking price 3 times, or $75,000 in reduction, while Mr. Vazquez was in escrow. Meanwhile, 4451 Redwood came on line and dropped its price as well duriing his escrow. By the time Mr. Vazquez close on his deal, he has lost 41% of his equity!

Remember folks, prices are heading toward 2001 pricing rapidly. The bleeding hearts at Community HousingWorks just created one more knife catcher that in all likelihood will fall victim to foreclosure in due time. Great work, Community HousingWorks!!!(http://bubbletracking.blogspot.com/2007_11_01_archive.html)

[Raybyrnes]

drunkle

Here are the sites for current housing. There is affordable housing in many parts of San Diego.

http://www.sdhc.org/hafirstimebuyer1.shtml

http://www.sdhc.org/giaffordhousingnews1b.shtml

I don’t know wehre people are saying that tax payers are subsidizing this housing. Developeres are required to set aside a % of units or pay in lieu fees that are used to pay for housing.

Now one could argue that the added costs to the developers are then passed on to the buyer of these market rate units. THat is very arguable.

The design of affordable housing is just that. Affordable. It is not typically low income. What this type of housing does is reduces costs to pay for police and fireman, teachers and nurses and other middle income families.

Now as an MBA student I would normally argue that market forces would be far better as it would distribute housing costs where they need to go. But unfortunately our local government is corrupt and run by developers therefore the market is inefficient.

People need to get a better handle on the cost of these programs. They do not come out of your pocket in the form of forgiveable loans. There are equity share programs, there are tax credits and there are units that will be permanently designated as affordable.

Any sort of forgiveness comes after a LOoooooooooooooong time by which point the majority of people will have moved on long before this event ever happened.

[Author]

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