UPBEAT TIMES, INC. • December 2015 • 29 Affordable Housing
SANTA ROSA, CA. ~ Thanksgiving, Christmas, New Years -- how did this hap- pen? The year seems to have fl own by and I’m trying to catch my breath. Over all, the year has proven to be good for Sonoma County.
It
has rebound- ed well from the Great Recession of 2008, with unemploy-
ment at an all time low and home values approaching their peak before the fi nancial melt- down. But with all this good news, we still struggle with the problem of affordable housing. We consider affordable hous- ing to be reasonably priced. To an underwriter affordable housing will be determined based on a percentage of your gross income.
This is where the rules for calculating your income comes into play.
If you can’t show
your income on your taxes, it can’t be used.
The maximum debt-to-in- come ratio an underwriter can approve is 45%. So if you have a household income of $60k a
Healing Readings & Astrology
year or $5,000 a month, you can qualify for a payment of $2250 a month. This payment would need to include your taxes, insur- ance, any Homeowners Association fees and any other debts you have. This would include any student loans, car payments, or minimum credit card payments. With So-
noma
County on solid ground, scarcity and demand have played havoc on home pric- es.
at play with affordability The distressed properties
that once fl ooded our market have disappeared. New con- struction is beginning to come back, but not fast enough. Many homeowners are reluc- tant to list their home for fear of not being able to fi nd a re- placement property. Demand is out pacing the supply. The further away we get
from the fi nancial crises that triggered
the housing melt-
down; kicking equity out from under us, and rippling disas- trous hardships throughout the economy, the more new buy-
slipping away. There are ways to help some-
one qualify for a home loan. One way is to bring more in- come to the equation.
may mean owning a home with another. You can always hold title as “tenants in com- mon” (TIC).
whole lot different than living with a roommate.
by Barry O'Meara •
barryo@stearns.com
ers re-enter the market. Many of these hardships resulted in people losing their homes to foreclosure or a short sale. Conventional underwriting guidelines require a seven year waiting period after a foreclo- sure. They will make excep- tions for a shorter waiting pe- riod; however, that requires a detailed demonstration of the hardship. These buyers along with the emerging young fi rst time buyers represent our de- mand side. This is sup- ply and de- mand
other way would be to add a family member as a non-occu- pant co-borrower. In order to qualify you need to show the income of all parties involved. The steady increase in home prices we have been experi- encing is not a bubble.
It is
sustainable because of the strict underwriting guidelines. A community’s ability to pro- vide affordable housing is a never-
ending prob- lem. Strict gov- ern-
ment regu- lation, such as rent
control, does not provide for more housing. Lowering fees for new construction targeting affordable housing could help. But only time will tell.
This Home Sweet Home
This is not a For most
young people it is the only way to afford rent. If there are people you can live with, they may also be people you can buy a home with. Combining your incomes could be the an- swer to buying that home. The
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UPBEAT TIMES, INC. • December 2015 • 29
JOKES & Humor # 10 “Now, what are you
planning to do about that excess weight you’re carrying around?” the doctor asked the patient. “I just can’t seem to lose the weight,” the patient said. “Must be an overactive thyroid.” “The tests show your thyroid is perfectly normal,” the doctor said. “If anything is overactive, it’s your fork.”
Dentist: “Try to relax. I’ll pull your aching tooth in fi ve minutes.”
~
Patient: “How much will this cost?”
Dentist: “It will be $200.”
Patient: “That much for just fi ve minutes work?”
Dentist: “Well if you prefer, I can pull it out very slowly.”
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