Affordable loan program launches

A regional affordable housing group today will launch a new program to help moderate-income residents of San Mateo County obtain home loans in one of the country's most expensive markets.

[Belmont Renter]

Why isn't Belmont participating? REITs are buying apartment buildings and raising rents $250 a month--just like San Mateo's Hillsdale Apartment Complex. City, State and County workers in Belmont must live in other San Mateo cities. The last development built on Carlmont Drive former home Jewish Community Center, had no affordable unit sales opportunity. Are the REITs with investors from all over the world more important that Belmont Citizens. Who is watching out for the taxpayers earning $50,000+ who pay for the programs, but can't get any assistance from San Mateo (Belmont) County because all the help is going to the people who aren't working and who can't pay taxes. In 1775, they called this taxation without representation. Belmont gets federal and state grant funds, has a Caltrain station; but is too busy moving houses instead of building houses for long-term, affordable, sustainable growth. We're not Hillsborough or Portola Valley, yet. The new HEART PROGRAM says "except Belmont" all over its announcement." Why?

[havebookwillteac h]

In case "affordable housing" is not available in Belmont, it may still be better for someone wishing to live in Belmont to purchase a home in any of the Bay Area communities which do have less expensive housing now, and commute awhile....this is far from perfect but it would enable a person to own his or her own home ... and build up a little equity .. which could help them acquire a small place in Belmont sometime in future. There are no guarantees but lots and lots of people have started out this way and successfully attained their goals, in time. I've been here a long time (can still remember turning down a nice big house atop Belmont bill which was asking $29,000 as too expensive for the neighborhood at the time!--- and our first Peninsula home was $6,000). Also, I really have to recommend the advantage of learning something about real estate before Leaping In, there being still some space in Real Estate Principles 100 classes at CSM, sign up now online at www.goCSM.net --(when the last spaces are filled there won't be any more classes until 2009). Finally, and I hesitate to suggest it but even a condo can be better than long-term renting in an area of very high rents -- given that rent receipts don't buy much in housing or even at the grocery store. Good luck with what I realize is a very challenging or difficult problem. Best regards, hbwt

[havebookwillteac h]

PS: forgive me, please, for forgetting to mention this yesterday but you can also look into a FHA loan. FHA has temporarily a super-grade loan limit at $729,000, this applies only if the loan is taken out this year (2008) and of course FHA has extremely low down payments available. Get a good real estate broker and mortgage lender/loan broker to assist you (and do please consider this an invitation to join us in Real Estate Princples class if you wish to learn more about this fascinating subject -- and gain a serious edge over so many folks who do not learn anything about it before Diving In -- if you wish to do this you can still get a space in the class as of today at least, at www.goCSM.net ) and again, the very best of good luck to you in your quest. I recognize it is a challenge, especially these days. At one time, anyone gainfully employed could have easily purchased almost any house in Belmont or San Carlos of San Mateo (most neighborhoods) or many other towns on the Peninsula, but you know we have had serious immigration of some very wealthy people from all over the world, plus a ton of speculative fever... making it very hard indeed for a regular working person to secure a home in this area. Again, you may well wish to select your first home in another more affordable town and commute (yech!) awahile until you can make a move into Belmont, many have done this too. Best regards, hbwt