Home Buying in San Francisco>Question Details

Craig Osterb…, Home Buyer in Vallejo, CA

Can I be financed for a home in SF?

Asked by Craig Osterberg, Vallejo, CA Mon Sep 24, 2012

I make 900$ mo in SSI, 800$ in part time job,own a rental property = 600$ for total of 2300$. My credit scores are 650-700 or so. I have 30k to put down on a place in SF,as well as a renter who will pay 700$ plus utilities.Can I get financed for a place in SF? There are several condos under 200k that I have been looking at.

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5
I would suggest that you speak to a lender.

Best of luck,

Susie Kay, Realtor®
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0 votes Thank Flag Link Tue Sep 25, 2012
Craig,

Your best bet to to speak directly to a financial professional who can run your numbers for you and find out what your options are.

As my colleagues have already indicated, homes under $200K are virtually non-existent. If they are BMR units then you wouldn't qualify because you own a property already.

If you would like the contact information for a financial professional from my team I'm happy to provide you with their number.

Good luck!

Gabriel
0 votes Thank Flag Link Mon Sep 24, 2012
Craig,

As my colleagues pointed out, there are few properties in San Francisco that are under $200,000 and those that are are Below Market Rate units (units for which you have to qualify with the Mayor's Office of Housing). Regular condos start in the mid-$300,000s. As to whether you can get financed for a property in San Francisco, it's in your interest to speak with an excellent and experienced mortgage professional to answer that question.

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Mon Sep 24, 2012
BMR (Below Market Rate) units are for owner occupants only. There are few condos under $200K in SF that are not BMR units.
The BMR program is run by the Mayor's Office of Housing and are awarded to qualified applicants by lottery.
By the way studio units are renting for over $1,000 in SF so the person willing to pay $700 is dreaming.
0 votes Thank Flag Link Mon Sep 24, 2012
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
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Those condos are BMR (Below Market Rate) units meant for owner occupants who, if I recall correctly, are first time home owners. They are not meant as rental investments.

Sorry.

Astrid Lacitis
Keynote Properties
415 860 0765
0 votes Thank Flag Link Mon Sep 24, 2012
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