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Replies (3)
- dacolan
- Contributions:1073
Now that the state of CA has "adjusted" it's budget, which includes appropriating local city/county/district tax dollars for the deficient state coffers, I wonder how long until this city program is superseded by the state's actions. That is, if it's not dead as soon as the new proposed budget is passed.
- arthur6547
- Contributions:2
The City of Menlo Parks Purchase Assistance Loan (PAL) is an affordable second mortgage loan program and is designed to help low to moderate-income first time homebuyers purchase homes in Menlo Park. PAL can also eliminate or substantially reduce the first mortgage lender's requirement for Private Mortgage Insurance (PMI).
- space_acer
- Contributions:4311
"First-Time homebuyers in Menlo Park can avail of an affordable subordinate loan program that helps middle- income families purchase their ownhome in Menlo Park through the Purchase Assistance Loan Program (PAL)."
What ever happened to the Google Effect and all those highly paid Silicon Valley PHDs I heard about living wanting to live in MP? They (MP) must have some not so bright council members since an average home runs around $1M which is up over 300% in 10 years.
If you want to have affordable housing why not let prices fall further? Or is the city looking to keep prices inflated for all, at additional cost for all, with more taxes. Is this a Bubble Tax ? Like a dog chasing its tail.
And I heard all those great stories of highly educated people coming from MP school district.. LOL! tisk tisk tisk... more money lost for nothing...
"1. Loans of up to 20% of a home's selling price or $75,000,"
$75K/ 20% = sale price $375K. So if prices fall down 60% which they are projected to fall, whats the point of raising taxes and wasting tax payer dollars ?
http://www.housingbubblebust.com/OFHEO/Major/NorCal.html
California, still the land of fruits and nuts!
What ever happened to the Google Effect and all those highly paid Silicon Valley PHDs I heard about living wanting to live in MP? They (MP) must have some not so bright council members since an average home runs around $1M which is up over 300% in 10 years.
If you want to have affordable housing why not let prices fall further? Or is the city looking to keep prices inflated for all, at additional cost for all, with more taxes. Is this a Bubble Tax ? Like a dog chasing its tail.
And I heard all those great stories of highly educated people coming from MP school district.. LOL! tisk tisk tisk... more money lost for nothing...
"1. Loans of up to 20% of a home's selling price or $75,000,"
$75K/ 20% = sale price $375K. So if prices fall down 60% which they are projected to fall, whats the point of raising taxes and wasting tax payer dollars ?
http://www.housingbubblebust.com/OFHEO/Major/NorCal.html
California, still the land of fruits and nuts!
Menlo Park Purchase Assistance Loan Program
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- 4.4/5.0
- (1 review)
Contributions:128To qualify, the homebuyer should have lived or worked in Menlo Park for at least one year. The benefits of PAL include:
1. Loans of up to 20% of a home's selling price or $75,000, whichever amount is lower.2. No maximum restriction on the selling price.3. Maximum loan term of 35 years with 0% loan interest and no payments for the first 5 years and a fixed rate 5% annual interest after the first 5 years.4. Loans are applicable for purchasing single-family homes, attached or detached units, condos, and town homes in Menlo Park.5. PAL loans may be used in tandem with other loans from the FHA, CalHFA, and the County of San Mateo's Mortgage Credit Certificate (MCC) Program.
The PAL is funded by the Menlo Park City government and is available to first-time homebuyers only.
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