In spite of doom and gloom push by many, there are many people that do want to buy a home. For most, the biggest challenge to buying a home in the greater Silicon Valley is finding the funds for a down payment. Even with FHA availability requiring only 3.5% down may not be an option for very many come September 2011 when loan limits are potentially reduced back to $417,000. Today I had the opportunity to attend an all day continuing education course on the availability of programs that, in a variety of ways, can help home buyers get started on the purchase of their new home. First up, the Housing Trust of Silicon Valley. A non-profit which has been around 10 years and was formatted by leaders of the community. The objective was to assist families and individuals to purchase homes. In January 2011, the organization received $4 million dollars to assist over the next two years. There are several programs offered from this group. The Purchase Assistance Loan (PAL Program) related to Neighborhood Stabilization Program consensus neighborhoods. This program allows buyers to purchase foreclosed homes in San Jose. Maximum gross income of every individual in the household (over 18 years of age) begins at $86,950 for a single person up to a $163,950 for 8 individuals. Home buyer do not have to be a 1st time home buyer but must intend to occupy the home. Borrower must also complete 8 hours of HUD related education. If the home owner moves out and rents the property loan must be repaid. This is a deferred loan of 20% of the purchase price up to $50,000 at 0% interest rate. For more information about this program go to the web site or contact me. Other programs from this organization include the Closing…
Continue Reading »
Lead poisoning is a serious issue. According to researchers, “Lead poisoning can lead to learning disabilities, behavioral problems and, at high levels, seizures, comas and death”. Children under the age of six are at a higher risk due to their natural tendency to place things in their mouths. This new regulation requires professional renovators and home owners alike be educated on the proper method for disturbing areas that may be contaminated with lead. This is normally related to homes built prior to 1978 when lead was used in plumbing materials and paint. Due to the durability of lead paint, there may deep layers on window sills, trim, and door casements. If these areas are going to be sanded, prepped with a pressure washer, or removed, adequate precautions must be taken. This includes but is not limited to proper dust control, particle containment and proper disposal of all materials. If you are planning on painting or renovating your home and it was built prior to 1978, your contractor should be trained in lead removal and have one certified worker on the job to supervise the process. The training for contractors is anywhere from $75-$250 and the estimated cost for the process requirements per job range from 5-10% additional for each job. Your contractor should provide you with a pamphlet informing you of the health issues related to lead. This new regulation, going into effect April 22nd, 2010, has many in an uproar. Including my father who has been a painter for nearly 60 years and describes the hand mixing of lead and linseed oil with his bare hands to create the right color. My father is 84 and shows no signs of lead poisoning. He believes this issue will place additional cost on the contractor because of training and the…
Continue Reading »
