Andy, Home Buyer in South San Francisco,...

Looking to buy a condo/house -- How much can I afford and where? Credit score = 700 & Salary = $70k

Asked by Andy, South San Francisco, CA Mon Apr 28, 2008

I'm 32 years old. I have a 700 credit score. I make about $70k a year (before taxes). I have about $10k saved up. I am not a first time home buyer. I am new to the bay area. I would like to know how much I can afford and where. Any opinions are welcomed. Thanks!

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Looking to buy a townhouse, down payment is $40,000, townhouse is $150,000, salary is $31,000, taxes are $3,200 ,credit score is 776. $19,000 debit from old home equity loan. Can I afford this townhouse?
0 votes Thank Flag Link Tue May 12, 2009
Hi there,

wow.. you can find a decent place in the peninsula. I am a realtor and know the area.
I think the other factor is your income to debt ratio that's will determine what you can qualify for
and your willingness to buy something a little smaller for now. You can; however, buy a decent condo and put food on the table. I'd love to discuss and if it doesn't work, it doesn't work. No harm no foul.
Herb -
0 votes Thank Flag Link Tue Aug 19, 2008
Hello Andy,
10K is insufficient for a down payment in the Bay Area - you should be ready to cough up 5-10% down to get a respectable loan (~50K). Any adjustable rate loans are a recipe for disaster given that the only way rates are going to move is up. Also 70K pre-tax income is tight with the cost of living in the bay area. After mortgage payments, property taxes (above 1%), and transportation you will be eating ramen noodles for the rest of your time here. I think you are better off renting and investing your money elsewhere. I am not a real estate professional.
0 votes Thank Flag Link Tue Aug 19, 2008
I wonder if you ever found a place! I do a lot of work in the South Bay and East Bay where prices are a lot less than the peninsula. You can get a really nice little home in Hayward right now for $275,000 or a larger home for the same price in the better parts of Richmond! Check me out if its not too late!
0 votes Thank Flag Link Sat Jun 21, 2008
Hi Andy,

Without knowing every detail of your situation I would say somewhere in the 350k or less range. Some of your options are condos on Carter Dr. in South San Francisco (quite a few bank owned ones that are falling fast), the Shelter Creek area of San Bruno, and if you are willing to commute a bit I would recommend Walnut Creek. The latter would be my pick because you can find 2bd condos in that price range that are walking distance to downtown. In this market, I would suggest buying in areas that are a little more affluent and Walnut Creek qualifies plus it has a more active nightlife.
0 votes Thank Flag Link Fri May 16, 2008
There are few choices for you. You can try the FHA guarantee loans, you will need as little as $10K to get in. Your credit score is acceptable for the program. The “rule of thump” is your debt ration should be better than 45/55%, keep in mind that you will be probably have to pay PMI. There are number of possible properties, that cold work for you in South City or San Bruno area. Look at “Shelter Creek” condo complex, you can find 2BR/2BA as $330K and looks like it will be at FHA program. There are some Bank own properties available and banks are anxious to get rid of them ASAP. Talk to the right lender- as they are saying you do not to be a First time buyer to qualify or call our office we will be able to help you.

Gene Yakubovich
0 votes Thank Flag Link Mon Apr 28, 2008
I would recommed you sit down with a professional lender to help determine your buying power and what you can comfortable afford. I would like to help you as I am in the Bay area ofen working with clients finding the best homes on the market.

Kind Regards
Michael Barron
(714) 552-6817
0 votes Thank Flag Link Mon Apr 28, 2008
Hello, The first step which is very important is to get prequalified from a lender so you have a better understanding of the type of payment you will have. Even if you qualify for a certain amount, you may not want the payment associated with it. The current market is a great for buyers. I lived in South San Francisco for most of my life and work throughout San Mateo County. Please feel free to contact me and visit my website at Thank you
Web Reference:
0 votes Thank Flag Link Mon Apr 28, 2008
I would love the opportunity to assist you. Your credit score & income should make your pre-approval process simple. There are FHA loans, that may be of interest to you because of down payment constraints. I am a native of South San Francisco and my office is located in San Bruno. Please give me a call to discuss your Real Estate goals in more detail at 650 291 4996.
Web Reference:
0 votes Thank Flag Link Mon Apr 28, 2008
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