Two days ago, Bay Area Resource sponsored an educational event at the Bayview Police Station for people (mostly police but some civilians). Fortunately the event attracted more questions and answers than donuts (we couldn’t resist). About half of the crowd keyed on the questions and confusion regarding short sales, loan modifications (why they take so long) and where the distressed housing market continues to head. The other half sought info about investing or first time home buying in San Francisco (with down payment assistance).
Before, he became ill panelist Phanny Lun, a counselor from HUD approved agency Asian, Inc., mentioned that one reason that loan mods take so long is that the servicer often must shop around the loan before it can be approved. If an investor cannot be found then the loan mod will not be approved.
Some of the other panelists (Cheyenne Martinez Boyette from MEDA and Patricia Lowe from Intero) discussed the new FHA products and requirements such as the Short Pay Re-Fi, which many banks and loan officers either don’t know about or don’t appear to be participating in.
One the buying end, much of the good news stemmed from the recent funding that the San Francisco Mayor’s Office of Housing received. The web site that HomeownershipSF created certainly makes it easier to navigate through he myriad housing and loan assistance options. Lower income home buyers have the opportunity to become more educated and to take advantage of the down payments assistance (DALP) as well as the $20,000 Police in the Community Loan that the cops can use to purchase in SF. That certainly exited many of SF police more than even the tastiest apple fritter.