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 - email@example.com
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.
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.
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 â€œrule of thumpâ€ 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 â€œShelter Creekâ€ 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.
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.