The California Association of REALTORS® affordability report for Q4 is out and 64 percent of Santa Clara County residents have the ability to buy a home based on these numbers.
The Numbers for Santa Clara County
- 64 percent of Santa Clara County homeowners are able to afford a home
- $466,650 is the entry level price
- $2,300 Monthly payment
- $68,880 minimum income to qualify
See full articles here:
C.A.R. Affordability index Q4 2011
First-time Buyer Housing Affordability Index Methodology
The Latest Foreclosure data shows December being one of the lowest foreclosure months on record, but is this the calm before the storm? Take a look at December 2011 data showing 79 foreclosures(red).
Bank of America May Lead The Way!
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A San Francisco Times article published late last year pointed to data by foreclosureradar.com showing significant foreclosure activity by Bank of America.
Read Article here: Bank of America said to fuel big increase in California foreclosures
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The City of San Jose Housing Department And Housing Trust of Santa Clara County are in the final stretch to use up all of the 23 Million award given through the National Stabilization Program part two. The second round of these dollar have been earmarked for revitalization of communities affected by foreclosures and to assist homebuyers purchase a home.
Who is Involved?
The Housing Trust of Santa Clara County is responsible for the distribution and education of these funds along with the Housing department for the City of San Jose. Although the City of San Jose is driving this opportunity to targeted areas the Santa Clara County Housing Trust is charged with educating the community. Other organizations involved in this effort are Neighborhood Housing Services, www.recovery.gov and NHORA(The National Hispanic Organization of Real Estate Associates).
Whats in it For the Public?
Opportunity to not only become a homeowner but also to begin the recovery of the housing market in Santa Clara County. Economists do tend to agree that the recover of the housing market will start in the Silicon Valley primarily because of Facebook and Google’s continued growth. In fact most of Santa Clara County is dealing with a housing shortage and multiple offers for home buyers.
Who Can Qualify?
There are income limitations to qualifying for these programs among them is the Purchase Assistance Loan(PAL).
|
Maximum Income by Household Size — FY2012 |
| Household Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| Income Limit |
$ 88,200 |
$ 100,800 |
$ 113,400 |
$ 126,000 |
$ 136,100 |
$ 146,150 |
$ 156,250 |
$ 166,300 |
Some of the guidelines include the following;
- You do not have to be a First-Time Homebuyer to qualify, however you must live in the home as your primary residence.
- Purchase price of home must be 1% below appraised fair market value.
- You must complete an 8 hour HUD approved Homebuyer Education class.
- Property is subject to environmental review and home inspection by the City of San Jose.
How To Get More Information?
Contact the Housing Trust Of Santa Clara County for more information http://www.housingtrustscc.org/
Class registration contact: jeanette@housingtrustscc.org
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