gmhTODAY 11 gmhToday Nov Dec 2016 - Page 33

Buying in a High Cost Market B uying a home in Santa Clara County or our surrounding areas can be intimidating. The process itself can loom large for anyone buying a home. Recent statistics show that the median home price in Morgan Hill just a shade over $800,000 and for Gilroy hovering around $650,000. When you add those statistics to the mix, buying a home may seem an impossibility. By Jayson Stebbins Mortgage Professional Jayson Stebbins is a 23 year veteran of the Mortgage Banking industry and an Accredited Mortgage Professional through the Mortgage Bankers Association. He grew up in Morgan Hill and currently lives in Gilroy. He is the local Branch Manager of Guild Mortgage, a 56 year old Mortgage Banking firm. His office is in Morgan Hill and serves all of Santa Clara, San Benito, and Monterey counties. You can reach Jayson and his Team at 408-782-8800 or at jstebbins@guildmortgage.net Rising rents and the tax benefi ts to owning a home require us to still get creative, fi nd solutions, and use all the tools available to us to help not only fi rst- time buyers in our market but also those who are looking to buy up, downsize, or invest in rental property. Below are some of the creative ways to buy in a high cost market. REX Homebuyer: this program is designed to match a borrower’s down payment in return for shared investment in the Real Estate. A borrower must have 10 percent of their own funds, but REX, in participation with limited lenders in CA, then matches that 10 percent in return for a percentage of appreciation at time of sale. No interest and no payments makes this a true Real Estate investment product, and creates buying power for borrowers they did not have before. A Family Affair: co-signing or adding a co-borrower is a common way to help boost qualifying and buying power. Adding parents or family members to the loan can help when income numbers are diffi cult to validate. Gift funds from family members to help drop the mortgage amount is widely accepted across all loan programs. And we are seeing more β€œfamily homes” now where multiple generations buy together to mitigate the cost of living. Grants or Government programs those who are under the median income, or who have not been able to save for a down payment there are programs through the state to help by offering down payment assistance. This comes in the form of low or no interest grants that are paid back at the sale of the home. Usually these are designed for those whose total income is below the area average. Below Market Rate homes: most cities have a Below Market Rate (BMR) program that allows a certain number of homes to be allocated for lower income families. These homes sell at a reduced price with down payment assistance …Ή‘…Ω”‘••)Ι•ΝΡΙ₯Ρ₯½ΉΜ½Έ‘½άΡ‘”‘½΅•Μ…Έ‰”Ν½±)½ΘΙ•™€Ή…Ή•‘½έΈΡ‘”Ι½…Έ)±ΝΌΙ•΅•΅‰•ΘΡ‘…Ё΅…ΉδΑΙ½Ι…΅ΜΉ½ά)½™™•Θ€ΤΑ•Ι•ΉΠ‘½έΈ½ΑΡ₯½ΉΜ°•Ω•Έ™½Θ„))Υ΅‰ΌΑΥɍ‘…Ν”±₯­”έ”Ν•”ΝΌ½™Ρ•Έ₯Έ)5½Ι…Έ!₯±°…Ή₯±Ι½δΈM½΅•Ρ₯΅•Μ₯Ё₯Ν»ŠeΠ)₯‘•…°Ρ₯΅₯ΉœΡΌ‰Υ䁄‘½΅”°‰ΥЁ₯˜ε½Τ…Έ)™€Ή½Ή”½˜Ρ‘•Ν”Ν½±ΥΡ₯½ΉΜΡΌ‘•±ΐ°Ρ‘”)ΥΑΝ₯‘”½˜‘½΅•½έΉ•ΙΝ‘₯ΐ½Υ±‰”)έ₯Ρ‘₯ΈΙ•… Έ))…εΝ½ΈMΡ•‰‰₯ΉΜ₯́„±₯•ΉΝ•΅½Ιѝ…”…•ΉΠ₯Έ ™½ΘΥ₯±5½Ιѝ…” ½΅Α…Ήδ951LŒΜΰΠΨΜμ)1₯•ΉΝ•‰δ ₯͍±½ΝΥΙ”ι1₯•ΉΝ•‰δΡ‘”•Α…ΙΡ΅•ΉΠ½˜ ΥΝ₯Ή•Ν́=Ω•ΙΝ₯‘Ёչ‘•ΘΡ‘” …±₯™½ΙΉ₯„I•Ν₯‘•ΉΡ₯…°)5½Ιѝ…”1•Ή‘₯ΉœΠΈ951L ½΅Α…ΉδUΉ₯ΕΥ”%€ΜΘάΠμ Ι…Ή UΉ₯ΕΥ”%€ΜΰΠΰΐΈQ‘”Α½ΝΡ₯ΉΜ½ΈΡ‘₯Μ)•‘₯Ρ½Ι₯…°‘½»ŠeЁΉ••ΝΝ…Ι₯±δΙ•ΑΙ•Ν•ΉΠΡ‘”Α½Ν₯Ρ₯½ΉΜ°ΝΡΙ…Ρ•₯•Μ½Θ½Α₯Ή₯½ΉΜ½˜Υ₯±5½Ιѝ…” ½΅Α…Ήδ½Θ)₯Ρ́…™™₯±₯…Ρ•ΜΈQ‘₯́₯Ή™½Ι΅…Ρ₯½Έ₯́Ή½ΠΥ…Ι…ΉΡ••ΡΌ‰”…ΥΙ…Ρ”…ΉΝ‘…±°Ή½Π‰”½ΉΝΡΙΥ•…́„Υ…Ι…ΉΡ•”)½˜±½…Έ…ΑΑΙ½Ω…°Έ±°±½…ΉΜ…Ι”ΝΥ‰©•ΠΡΌΥΉ‘•ΙέΙ₯ѕȁ…ΑΑΙ½Ω…°°…Ή…Ι”ΝΥ‰©•ΠΡΌ‘…Ή”έ₯Ρ‘½ΥЁΉ½Ρ₯”Έ)ΕΥ…°!½ΥΝ₯Ήœ1•Ή‘•ΘΈ)%1I=dƒŠˆ5=I8!%10ƒŠˆM85IQ%8)9=Y5 H½ 5 H€ΘΐΔΨ)΅‘Ρ½‘…乍½΄(ΜΜ