Asked by tsaem415, Mountain View, CA • Mon Oct 8, 2012
Hello. My wife & I presently qualify (Barely) to purchase a nice condo/town house in SJ which is a BMR unit w/ Down Payment Assistance.
We don't really care about the BMR b/c w/ our own assets & credit, we can do a traditional mortgage w/ a downpayment of 10% of our own funds. The DPA is what we find as the real opportunity b/c it will give us flexibility of not having to liquidate almost all our assets for a down payment.
Given this is a BMR, it is very restrictive. The selling agent said he sold it 4 times but no one could qualify & it's taken almost 250 days until he met us. So we're afraid we won't be able to sell it in a reasonable time frame in the future. And we don't have the flexibility to rent it out.
My question: What path should we take? We love the home, but the trade off seems to be the lack (or no) participation in equity growth (as the price is dictated by a small pool of eligibile buyers & the % increase of their wages NOT supply/demand) Am I correct?
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