San Francisco County doesn’t qualify for the new CalHFA Community Stabilization Home Loan Program, but Alameda and Contra Costa counties do. In a nutshell (but with plenty of devilish little details): below market 30-yeard fixed rate loans (5.5%) and up to 103% financing (CLTV) for qualifying first-time buyers of select bank owned properties.
One such home: 2450 65th Avenue in Oakland (above and below). Currently listed for $310,000, but available through the program for $272,800.
Keep in mind that the qualifying properties are likely the dregs of each lenders portfolio (we haven’t had a chance to look at them all). And while you’ll save on the below market rates and the properties are to be priced 12% “below market,” there’s a good chance that
many most are worth even less (i.e., if you have the means, it might make more economic sense to act outside the program).
∙ CalHFA Community Stabilization Home Loan Program [CalHFA]
∙ Listing: 2450 65th Avenue, Oakland – $310,000 [Better Homes Realty]