Affordable homes in Chula Vista?
The City of Chula Vista and Trimark Pacific Homes are making it possible for 1st - time buyers who meet certain criteria to purchase a new townhome in the San Miguel Ranch community of Chula Vista . In order to participate in this unique opportunity, all buyers must meet specific guidelines and requirements and be subject to ownership restriction during the period of ownership. Here is a brief overview of the qualifications for this program:
*You must be a first-time homebuyer. This means you have not had any interest in any real estate in the last 3 years.
*Your total gross household income for all family members (before taxes) must not exceed the following limits based on family size:
1-person--$38,650
2-people--$44,150
3-people--$49,700
4-people--$55,200
5-people--$59,600
6-people--$64,050
7-people--$68,450
*You must earn enough to meet the minimum qualifying income for the size townhome you are purchasing. No non-occupant co-borrowers will be allowed.
2-people--$44,150
3-people--$49,700
4-people--$55,200
5-people--$59,600
6-people--$64,050
7-people--$68,450
*You must earn enough to meet the minimum qualifying income for the size townhome you are purchasing. No non-occupant co-borrowers will be allowed.
*You must have enough cash to provide the minimum down payment and closing costs for the size townhome you are purchasing.
*Your total liquid assets after you move in may not exceed $25,000.
*You must occupy the property as your principle place of residence for the entire duration of ownership.
*When you sell your townhome, you will be subject to resale restrictions.
You may think with all these restrictions you may actually get a good deal here right? Wrong, these townhomes start at $350-410K. That means your house payments are going to be in the $1750-$2100 range at the current interest rates.
I am sure a 2 person family making $44k ($30K after taxes, medical, etc) can afford $1800 per month, plus HOA's, plus bills.
Thank God for those $0.99 cent deals at Taco Bell.
4 comments:
In other words, what these A-holes are saying is that 'You must be willing to give your income and assets (if any) over to us, in exchange for the "pride of ownership" '.
WTF are these greedy bloodsuckers thinking??
What loan officer is still letting people qualify for a $350K home on $38K annual income?
I'm not the brightest person in the world. Basically your non college educated just above min. wage earner who has to work 7 days a week, 14-16 hours a day, and 2 jobs because I believed a Realtor when he said "If you don't get in now you will never own a home and your children will not have a place to call home". Then I trusted him about loan options and he said talked me into Interest Only so I could get a bigger home that will never depreciate. I'm suffering to make the monthly mortgage. I feel like I've been robbed and raped!
Now I will lose tens of thousands of dollars because I was stupid enough to trust a Realtor. I can no longer afford my home!
I wish I knew about websites like this before I bought. I'm very happy you are educating the public so they do not become a statistic like me!
I look forward to renting and seeing my children when they are awake!
Good job on the website!!!
Anon 1:09 -
It's pretty tragic what is going on. I have to laugh when we get some angry realtor posting on one of our bubble blogs saying how dare we wish this on people. We wouldn't wish losing 10's of thousands of dollars more than you have on anyone. It's horrible. Right now in San Diego, 9.4% of the population makes enough money to buy the median house. The median house in San Diego is some 1 story 2 bdrm $460,000 place out in Santee. If you want something decent, well...
I am sorry to hear about your situation. I hope you win the lottery or something to help you get out of that mess.
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