December 06, 2006
Affordable Housing in Los Gatos
Los Gatos is a pricey town. The average single family home sells for about $1,200,000 (starters upwards of $800,000 and it seems there is no upper limit on pricing for large homes on large parcels). So folks struggling to pay the rent, whether employed or retired, might not consider looking in Los Gatos for a below-market rate place to live. But the town has got some affordable housing, and the details are on the town website. Visit it and learn about both rentals and purchase programs.
Also, thinking of purchases, there are some great loan programs out there that can help too: Bank of America has an “Acorn program” with great terms (underwritten by a charity), and also there’s a CAL-FHA loan with even more generous guidelines, and then there are also programs for folks buying into zip codes where prices are depressed. Interest rates have gone down in the last week or two (which is not atypical for December: remember, it’s supply and demand) and this is a great time to buy at a reduced cost. I can put you in touch with a lender if you want to investigate any of these options.
Renting or buying, Los Gatos is a wonderful place to live.