Below Market Rate Housing in San Francisco (Lotttery)

The San Francisco Below Market Rate ("BMR") Inclusionary Housing Program requires developers to sell 15% of units in new, private developments at a "below-market-rate" price that is affordable to low to moderate income households. The program is administered by the Mayor’s Office of Housing (known as "MOH") and currently includes over 750 ownership units. At least 100 new units to become available each year.

To get into a BMR an applicant is placed into a lottery and there are no guarantee!

Program Highlights:

How the BMR Units are Priced?

Most BMR units are priced to be affordable to median income households spending no more than 33% of their income on housing expenses. We price the units to include condominium association fees, property taxes, the current interest rate, and we assume a 10% down payment from the buyer.

Maximum Income

The majority of projects will be available to households with a combined income of no more than 100% of median income, although some will be available to households whose income is at 80% or 120% of median income. The amounts are adjusted on an annual basis. Our office will update these income maximums between March and May of each year.

100% of Median Income for the City and County of San Francisco 2008

*
A one person household can make no more than $58,050
*
A two person household can make no more than $66,300
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A three person household can make no more than $74,600
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A four person household can make no more than $82,900
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A five person household can make no more than $89,550


For more information please visit the following website: San Francisco BMR

Weekly Poll - Take the Quiz!

I am trying a new Weekly Poll. This will be done every Friday!

Please type your answer below. Results will be posted at the end of the weekend!


What's the most impressive feature you'd love in a kitchen?

A) Two Dishwashers
B) Wine Steward
C) Modern Lighting
D) Lot's of Cabinets
E) Granite Countertops
F) Built-In Expresso
G) Two Sinks
H) An Island
I) 6 Burner Professional Stove


*** Please type your answer below under comments. You may only choose one**

Co-Sign for Family or Friends? Need to know!

Co-Signing has always been an option when helping a family or friend get approved for a loan. It's not a bad thing if done correctly, and is used all the time to allow someone who might not qualify but can afford to pay a loan get approved. But there are some things to consider when you decide to help someone out. Remember that when you co-sign for a loan this means you become part owner of the debt acquired and the payment owed monthly.

So what happens when you want to re-finance your property or go to apply for a loan?

The bank consider the amount you co-signed for as part of debt that you owe and the monthly payment will be considered as your monthly debt.

So how do you prove to the bank that the other person makes the payment?

1) NEVER take cash from the person you co-signed for and make the payment yourself. shows the bank that you are the person making the payment

2) Try to have the individual you co-signed for make the payment directly on the loan.

3) If you feel more comfortable making the payment to ensure that it gets made every month. Have the person write you a check and not pay you in cash. Make sure they reference the loan # on the memo & payment period. You make the payment by check as well or online and reference the same loan #.

The key to remember is that banks want to see a paper trail for 12 months at minimum. This will allow the bank to see that the payment is not being made by you, this will help them not to consider this your debt and hold it against you. If you don't do this correctly and keep a paper trail, this could mean denial on a loan in the future for you.

if you have any questions please do not hesitate to call or email.

Pending Homes Sales on a Record Roll!

Pending Home Sales on a Record Roll

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.
Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.


My Opinion: We have seen a rise in the number of multiple offers on properties here in the city. of course every market is different. Especially here in San Francisco. We have sub markets within the San Francisco market that are divded up my neighborhoods. But with rates at an all time low, tax credit of $8,000 available to first time home buyers and the times of processing and underwritting from banks are getting faster. Does this mean a recovery of the market? The only way to measure that will be time and facts or statistcs to be released. The ONLY way to know if the time is right for you if affordability. Everyone has a different situation. If you can afford the payments on a home than you should own one.

Any thoughts?

Neighborhood Walk Score - Try Your Neighborhood!

This is a wonderful tool for both Buyers and Sellers. Buyers can use this tool to determine the "walk score" of a neighborhood. Sellers can use this as a wonderful marketing tool when selling their homes. Not only do buyers look for attributes in a home but also in the surrounding neighborhood. What is exactly in a score? Read Below! Try your neighborhood out today!

Click Here to Score your Own Neighborhood!

What Does my Score Mean?

Your Walk Score is a number between 0 and 100. Here are general guidelines for interpreting your score:

*90-100 = Walkers' Paradise: Most errands can be accomplished on foot and many people get by without owning a car.
*70-89 = Very Walkable: It's possible to get by without owning a car.
*50-69 = Somewhat Walkable: Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
*25-49 = Car-Dependent: Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
*0-24 = Car-Dependent (Driving Only): Virtually no neighborhood destinations within walking range. You can walk from your house to your car!

Multiple Offers Up In June Vs May- 2009

Redfin announced today that 80% of offers this month so far have been made on properties with multiple offers. That is up from 69% last month. This was reported on the website SFGate.com.

This is a good indication as to the market, but we also have to realize that this is only what Refin is reporting. We have not had any agency like NAR (National Association of Realtors), or CAR (California Association of Realtors) report any stats like this at the moment.

Personal Note: I would agree that in the areas that they are reporting (East Bay & Central Valley) we have seen an up turn in the number of homes being sold. On the other hand though this is nothing like 2006-2007 when we were seeing multiple offers going 10-20% over the asking price.

San Francisco has seen an upward movement in the amount of properties that are currently being sold. We are even seeing on homes that are priced correctly and show in excellent condition are moving and even getting multiple offers.

Over all Market: Now is a wonderful time to buy. We have loan products out there and available to everyone. We are still able to finance 3.5% down payment, credit scores down to 580, closiong costs negotiated to be paid by seller and stated income for self employed is available. If you can afford to buy now and it makes sense financially.....Call me Today!

** Blog post to follow with more information on Self Employed Stated Loans now Available**


Article Referenced in above remarks: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=44120&tsp=1