Affordable Housing in Tustin Fields????

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trrenter_IHB

trrenter_IHB

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So this home in Tustin Fields is set aside for Tustins affordable housing. (there are 3 in Tustin fields.



http://www.redfin.com/CA/Tustin/94-Liberty-92782/home/12526103



Buyers Maximum Income for Family of 1 $70,680, Faimly of 2: $80,760 Family of 3: $90,840, Family of 4: $100,920 Family of 5:$108,960, Family of 6: $117,120



Doing the math



<strong>Asking Price</strong> $343,000

<strong>Income Requirement</strong> $103,971

<strong>Down Payment needed </strong> $10,290 (this is only 3%)



Now the median family income in Tustin is about 80k a year. So how is this affordable housing.



One last thing the association dues are $201 a month and I think the Melo Roos are about the same so that add's another $400 per month.



Did anyone in the housing admin crunch these numbers.
 
I saw this place..in person and laughed. It's tiny...the 1300 sq ft is a joke.



I'm more interested in seeing if you could buy it and rent it out or do they do random inspections?



Plus when you sell it, the city determines the price...so it's lame.



BTW...these homes were meant for public service peeps like Policeman and Fire Fighters....I think the lady mention teachers too.
 
If they are for teachers, firefighters and police, the income requirements would most likely only work for a family with only one income. Two incomes and you won't qualify anyway.
 
It's tough to qualify for those, because... there aren't that many units to go around. So if they made the requires too loose, they'd be flooded with buyers like those affordable housing wait lists.
 
Tustin Fields "affordable housing?"



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HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA...
 
The income requirement leaves out the first 3 groups.



If tighter lending standards are back then the qualifying income for the loan would be 103k so groups 1,2, and 3 couldn't get a loan.



It is a catch 22. You can't make more or you don't qualify for affordable housing but you don't make enough to get a loan for the amount of the affordable housing.



Sorry but that just seems stoooopid.
 
That's pretty much the way it is. Long ago, when I was in my 9th year as a teacher, I looked at some homes with similar qualifying rules in Huntington Beach. Even as a single person, I still made too much money. Even though I made too much money, the payment would have been at 33% of my income. I'm not sure who actually ends up buying these places.
 
Mainly retirees with a small down payments, and no retirements. It's okay I guess, but like others said...I thought these were to help teachers. :)
 
[quote author="tmare" date=1218105831]That's pretty much the way it is. Long ago, when I was in my 9th year as a teacher, I looked at some homes with similar qualifying rules in Huntington Beach. Even as a single person, I still made too much money. Even though I made too much money, the payment would have been at 33% of my income. I'm not sure who actually ends up buying these places.</blockquote>


Employees of the builder and lender, some of the sub-contractors, and even sons and daughters of city council members. Some how they miraculously qualified for these subsidized homes. Why would a teacher or firefighter qualify? I mean... the builder already built the school and fire station with the mello roos money, why would they need to do any more favors for them?



Think I am just a nutter (I know I am)? Do your research, and see if I am wrong...
 
You needed a massive down payment to make the formula work. Tustin mandates that only 35% of your income can be used for home costs - including mortgage, HOA dues, taxes, insurance, Mello-Roos, etc. So, when I qualified back in 2006, my income only allowed me to have total housing costs of $1890. With the home going for $311,000 and the HOA dues, taxes, insurance, Mello-Roos, etc. coming to $900/mo., the maximum mortgage payment could only be $1000/mo., or a $150,000 mortgage. So, that 3% down payment is pure fantasy. I would have needed to cough up a $148,000 down payment - which, due to the affordable housing rules, could not have come from my savings, but would have to be a "gift" of funds from a direct relative.



So yeah, it was a huge scam that didn't benefit anyone who actually qualified for "affordable housing."
 
87, 94, 113 liberty are all for sale for 343k all are affordable housing.



I can only guess that the loans have reset or are going to reset and the last group of people that qualified need to move.



I guess it wasn't affordable enough for them.
 
[quote author="CM_Dude" date=1218170980]You needed a massive down payment to make the formula work. Tustin mandates that only 35% of your income can be used for home costs - including mortgage, HOA dues, taxes, insurance, Mello-Roos, etc. So, when I qualified back in 2006, my income only allowed me to have total housing costs of $1890. With the home going for $311,000 and the HOA dues, taxes, insurance, Mello-Roos, etc. coming to $900/mo., the maximum mortgage payment could only be $1000/mo., or a $150,000 mortgage. So, that 3% down payment is pure fantasy. I would have needed to cough up a $148,000 down payment - which, due to the affordable housing rules, could not have come from my savings, but would have to be a "gift" of funds from a direct relative.



So yeah, it was a huge scam that didn't benefit anyone who actually qualified for "affordable housing."</blockquote>


Yep, a former co-workers wife bought a place in Irvine that had similar numbers but I believe the home was in the high 200k range. They weren't engaged yet so she qualified as she made 50-60k a year (not as a teacher or other public servant). Her parents took equity out of their Irvine home to give her 100k+ down-payment (for the peanut gallery yes they are Asian but no they didn't just have this laying around). Then my coworker/her boyfriend who made more than her (now husband) moved in immediately with her. They got engaged within weeks. Total scam in my opinion but the system seems set-up for just this type of scenario.
 
[quote author="trrenter" date=1218059514]So this home in Tustin Fields is set aside for Tustins affordable housing. (there are 3 in Tustin fields.



http://www.redfin.com/CA/Tustin/94-Liberty-92782/home/12526103



Buyers Maximum Income for Family of 1 $70,680, Faimly of 2: $80,760 Family of 3: $90,840, Family of 4: $100,920 Family of 5:$108,960, Family of 6: $117,120



Doing the math



<strong>Asking Price</strong> $343,000

<strong>Income Requirement</strong> $103,971

<strong>Down Payment needed </strong> $10,290 (this is only 3%)



Now the median family income in Tustin is about 80k a year. So how is this affordable housing.



One last thing the association dues are $201 a month and I think the Melo Roos are about the same so that add's another $400 per month.



Did anyone in the housing admin crunch these numbers.</blockquote>


just curious how did you come up with the numbers? uber newbie here. TIA



fyi I have been a lurker for almost a year now. I just finally made the move to register. gotta support IHB lots of interesting and hilarious reads.
 
[quote author="trrenter" date=1218171647]So this home in Tustin Fields is set aside for Tustins affordable housing. (there are 3 in Tustin fields) ... 87, 94, 113 liberty are all for sale for 343k all are affordable housing</blockquote>So these are the only addresses with affordable housing restrictions in Tustin Fields 1 ?
 
There is also a house on 353 Flyers (the one I would prefer) that is part of the "Amelia" tract I think it is. All of those properties are restricted income properties. They're decent sized condos though, much larger than what I'm used to living in a 1bed 1 bath.



I'm currently single, but engaged, make under the current restricted income level of 72 (make 65), my fiance is currently unemployed (laid off) but is working part time, more than enough to get us over the 72k mark. Is this the shennanigan where I should apply for the loan, we both put money down, I get the property, and then we get married?



We don't have that much to put down, maybe 10% if I get a bonus or win the lottery (equal odds of happening). So I don't know if we'd meet the housing costs have to be under 35% of income because my mortgage would have to be less than 1400 or something. But with 10% down, it'll be closer to 16-1700. Then if I do get a raise or make more money, I won't be qualified to live there.... terrible.



Any advice on what to do?
 
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