0
0

Housing Endowment and Regional Trust of San Mateo County for 1st Time Home Buyers


 invite response                
2019 Apr 23, 10:02am   1,573 views  12 comments

by BayArea   ➕follow (1)   💰tip   ignore  

5% down
No PMI
Up to $908k purchase price
Max household income $190k

$908k purchase price on $190k income? ?

https://www.heartofsmc.org/programs/homebuyer-assistance/

Comments 1 - 12 of 12        Search these comments

1   HeadSet   2019 Apr 23, 10:32am  

$908k purchase price on $190k income?

In the article, it says you only need $144k income to qualify:

2   Ceffer   2019 Apr 23, 11:13am  

They'll all go to insiders or apparatchiks, or be used to parachute ghetto whompers in.
3   Blue   2019 Apr 23, 11:34am  

The government is pupping in more resources to increase hosing demand. Great!
4   SunnyvaleCA   2019 Apr 23, 12:53pm  

$908,000 for a single-family home in San Mateo? Good luck! Setting my Zillow filters now....

Oh what a beauty! https://www.zillow.com/homedetails/1501-Dale-Ave-San-Mateo-CA-94401/15525721_zpid/
It's 69 years old, 2/1, 820 sq ft., 4 rooms! I wonder how old the roof is? How about the asbestos and lead paint situation? Oh well.

Unfortunately, the Zestimate is now above the $908k limit. Sorry!

As far as the "needed income" to qualify, I think it's a matter of priorities and price range. For a $200k house you probably do need $66k income to qualify because you'll need $30k for all your other expenses. But $144k income on a $908k house means you'll have at least $40k for all other expenses (after tax). That can work, as long as you don't mind living "poor" for the next 30 years.
5   ForcedTQ   2019 Apr 23, 1:22pm  

OccasionalCortex says
This is insanity. Pure insanity.

Want affordable housing? I said fucking HOUSING...not 'affordable' DEBT.

Easy: Withdraw federal support for jumbo mortgages, require ALL mortgages to require AT LEAST 20% down and impose a 15% federal sales tax on the difference between $300k and the total sales price (not capital gain) of all houses sold nation wide. Oh, and the feds get their tax money FIRST when the escrow puke starts cutting the checks: on pain of 10 years in prison if said escrow puke does not do so.

So:
For a 2,700 square foot 5 bedroom house in Kansas that sells for $270k on a full acre lot land: no federal sales tax. If someone financed that purchase all via mortgage then they would have to cough up at least $54k for the down payment.

For a postage-stamp sized lot 2 bedroom condo in San Mateo that sells for $650k: federal sales tax of $52,500 ($650,000 - $300,000 = $350,000 sales taxable amount; 15% of $350,000 = $52,500) and a down payment o...


Agree with most of this BUT the sales tax piece. What exactly does this help/pay for when going to the Feds? Why do we wish to make it MORE expensive to get into a house, sending money that is somewhere particularly UN-productive? As for the level of $300,000 exemption, why is that the number and what could adjust it up or down possibly by C.O.L.?
6   SunnyvaleCA   2019 Apr 23, 2:03pm  

ForcedTQ says
Agree with most of this BUT the sales tax piece. What exactly does this help/pay for when going to the Feds? Why do we wish to make it MORE expensive to get into a house, sending money that is somewhere particularly UN-productive? As for the level of $300,000 exemption, why is that the number and what could adjust it up or down possibly by C.O.L.?


I agree with you. An additional sales tax would just further already-large friction involved in buying and selling homes, resulting in a worse miss-match between a homeowner's needs and a homeowner's current home. We already have a problem with the real-estate cartel trying to grab their 6% commissions. A 15% tax would take about 5 YEARS of payments on a 30 year mortgage to recoup.
7   HeadSet   2019 Apr 23, 2:40pm  

Easy: Withdraw federal support for jumbo mortgages,

Why not withdraw gov support for all mortgages? That includes the "reverse" mortgages. It was as recently as 10 years ago that HALF the houses in the country did not have a mortgage at all. The "reverse" mortgage was introduced to combat the problem of too many people not in debt.

Also no MID at all.
8   ForcedTQ   2019 Apr 23, 4:46pm  

OccasionalCortex says
SunnyvaleCA says
A 15% tax would take about 5 YEARS of payments on a 30 year mortgage to recoup.


Why on Earth would the sales tax be rolled into the mortgage? Current closing fees and taxes do not nor are property taxes?

Especially since it will be paid for by the seller. Unless the buyer is totally stupid.


They aren't saying that it would be rolled into the mortgage, they are saying it would be equivalent to about 5 years of payments to recoup.

Since it will be paid for by the seller? Seriously? So, what other forms of sales tax do you know of that aren't indirectly paid for as a pass on to the buyer? The buyer WILL be the one paying the sales tax, as he/she will be the one providing the currency for the sale. At a minimum the sale price of the house will be adjusted up above non-sales taxed current market value to account for the cost of the sales tax to the seller. Unless the buyer is totally stupid my ass. Unless the seller is totally stupid maybe.... Really think the seller will sell below market 15% to cover the sales tax cost?
9   BayArea   2019 Apr 23, 6:29pm  

APOCALYPSEFUCKisShostikovitch says
If someone doesn't have a million free and clear for a downpayment, there is no reason to take them seriously as a homebuyer. much less a human being.


Hehehe... CASH OR FUCK YOU NATION!!!

You guys know what would happen to home prices if you could only buy them in cash?

A 3/2 in Palo Alto would be $475k
10   ForcedTQ   2019 Apr 23, 7:00pm  

BayArea says
APOCALYPSEFUCKisShostikovitch says
If someone doesn't have a million free and clear for a downpayment, there is no reason to take them seriously as a homebuyer. much less a human being.


Hehehe... CASH OR FUCK YOU NATION!!!

You guys know what would happen to home prices if you could only buy them in cash?

A 3/2 in Palo Alto would be $475k


At least make it max 15 Year term, min 20% down, 25% of household take home pay max amount of payment, & Fannie Mae Freddie Mac can go fuck each other....

Just means you have to save for longer or get a better paying gig if you don't make the income to live within your means and be financially responsible rather than house poor...
11   SunnyvaleCA   2019 Apr 23, 11:07pm  

BayArea says
You guys know what would happen to home prices if you could only buy them in cash?
A 3/2 in Palo Alto would be $475k

The MEDIAN house in Palo Alto is something like $3M. A 20% down payment on that loan would be $600k. So, a person buying in Palo Alto now could certainly pay out more than $475k in cash.

You could say that everyone already DOES pay cash. I get a mortgage from a bank, the bank hands me a huge wad of cash, and I then pay for the house in cash. If you don't consider that "in cash" because a bank is involved, then loans would just go off the books. For example, I might consider loaning a friend $3M so they could buy a house "in cash."
12   BayArea   2019 Apr 23, 11:43pm  

SunnyvaleCA says
BayArea says
You guys know what would happen to home prices if you could only buy them in cash?
A 3/2 in Palo Alto would be $475k

The MEDIAN house in Palo Alto is something like $3M. A 20% down payment on that loan would be $600k. So, a person buying in Palo Alto now could certainly pay out more than $475k in cash.

You could say that everyone already DOES pay cash. I get a mortgage from a bank, the bank hands me a huge wad of cash, and I then pay for the house in cash. If you don't consider that "in cash" because a bank is involved, then loans would just go off the books. For example, I might consider loaning a friend $3M so they could buy a house "in cash."


It’s 2019, people have forgotten what the downturn felt like... what sucker is still putting 20% down these days? Lol

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions