I'm relocating from Chicago burbs to San Fran. Have a fam of 5 w/ 3 kids under 5. Best suburb n'hood bang for buck on single income of less than 75K?

Asked by danieldunworth, Chicago, IL Thu Jan 30, 2014

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Kevin Murray, , Walnut Creek, CA
Fri Jan 31, 2014
Contra Costa and Alameda both offer affordable housing options. It's hard to determine how a lender will qualify you by just your income since they consider your down payment and other debt payments in the equation. If you have no other debt and use the minimum down payment, you are likely to be looking under $500,000.

On the west side of the hills, for a large family home, you are likely to be looking north of Albany or in San Leandro and south. Oakland has some options, but you said suburbs.

Livermore will have some options for you but the commute is a killer. Hercules has some great pricing and reasonable schools. Martinez has good schools and reasonable prices. Concord schools are not as good, but prices are lower.

My website at http://www.web4homes.com has some great school information.

Please call me if you'd like to chat about your options.

Kevin Murray MBA
925-285-7526
0 votes
, ,
Thu Jan 30, 2014
Daniel,
A good option is to contact the Mayors office in local communities. They have programs that an assist with a home purchase. Two that spring to mind are the "Below Market Rate" and the "Down payment Assistance Loan Program".

I have originated a few of these loans in the past and I'm approved with various local Government offices to do them. If you want some more details, feel free to contact me, or the Mayor's office in selected communities.

Good luck.

Mathew Carson
Vice President
First Capital Group
415 606-4252
0 votes
J Mario Preza, Agent, Daly City, CA
Thu Jan 30, 2014
Your budget, if the figure you're citing is gross without additional long term obligation, will boil down to a gross budget of about $2,200 to $2,400 monthly, and quite frankly, most of the "nicer," family oriented communities in San Francisco or nearby suburbs will cost you about 1.5 times that amount -- all other factors being equal. Get a pre-approval from a reputable lender and you'll have a better idea of your budget, and by design, the areas where you'll find those prices. You may want to explore they budget by getting pre-approved and then working on mapping out where you can find the resulting price -- http://www.trulia.com offers a good house house-hunting site (you can find ready answers to the original question there).
0 votes
Tony Ngai, Agent, Cupertino, CA
Thu Jan 30, 2014
Dan,

Welcome to SF and the bay area. Unfortunately, there isn't any good bang for the buck anymore. It is a seller's market here for the past few years. If you want to get a house, you will need to act fast. Talk with a lender and see what you can afford, then target the area you want to live in. Single income of 75K is not going to give you much choices in SF. However, if you haven't own a home in the past 3 years, you may qualify for BMR houses. Good luck.
0 votes
Bellings Bro…, , San Francisco, CA
Thu Jan 30, 2014
Daniel,

I agree with the other answers; first and foremost you need to speak to a good San Francisco or Bay Area lender to find out what kind of purchasing power you have, if any. Once you have that pre-approval letter in hand, then you will want to start looking for your new home! Get connected with an experienced San Francisco Realtor (like myself) and they can get you pointed in the right direction, and provide some good local lender introductions as well. Please feel free to reach out to me directly for any and all of your real estate needs here in San Francisco!

All the best and good luck with your search!

Aaron Bellings
Realtor, Vanguard Properties
Aaron@vanguardsf.com
BRE #01915431
(415) 601-3000
0 votes
Alexander Gr…, Agent, San Jose, CA
Thu Jan 30, 2014
I would be more than happy to get you pre-approved for a purchase loan and than set you up with a real estate agent. Just send me and email or give me a call. Alex Greer Loan Officer NMLS #1056079 http://www.TheMortgageOutlet.com 408-352-5147 AGreer@TheMortgageOutlet.com
0 votes
Eric Castong…, Agent, San Francisco, CA
Thu Jan 30, 2014
I'm sorry to be the bearer of bad news Daniel, it probably won't be SF. It's gotten to be so expensive here. You should get hooked up with a mortgage broker out here-I'm happy to share a few with you, so get a sense of price range, then you get a better sense of what and where.

Please let me know how I can help direct you.

Best Regards
Eric

Eric Castongia
Zephyr Real Estate
BRE No. 01188380
(415)307-1700
Web Reference:  http://SFHotBuy.com
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