09.08.2023

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Today’s Forecast

57º | Mostly sunny | 5% chance of rain | Sunrise: 7:22 a.m. | Sunset: 5:06 p.m.

Make the 408 your forever home

Homebuyer resources in San Jose

A Spanish Revival-style home in the Rose Garden neighborhood.

Buying a home in San Jose can be a little less stressful thanks to CalHFA. | Photo by SJtoday staff

Even the idea of looking to buy a home can seem like an overwhelming + daunting task sometimes, especially since San Jose has one of the nation’s most competitive housing markets.

We wanted to take a moment to highlight some of the programs available through the California Housing Finance Agency that can help ease the burden — especially for first-time homebuyers. Remember CalHFA programs have income eligibility requirements, where interested borrowers in Santa Clara County need to make less than $300,000 annually.

🏡 Down payments

Finding the cash to put a down payment on your home can be one of the biggest obstacles for some people. Thankfully, the state has the MyHome Assistance Program, which offers a deferred-payment loan of up to 3.5% of the home’s purchase price or appraisal value (whichever is less) to help first-time buyers with down payments and closing costs.

🏡 Mortgages

As of this month, average mortgage rates in San Jose are 7.475% APR for a 30-year fixed-rate mortgage. The state offers four main types of mortgage loans for first-time buyers, with the standard being the CalHFA FHA Loan Program, a 30-year, fixed-interest loan.

The CalPLUS FHA Loan Program has a slightly higher interest rate and is combined with the Zero Interest Program that helps with closing costs. There are specialized loans as well, such as the CalHFA VA Loan Program for military members and the CalHFA USDA Program for those looking to purchase homes in more rural areas.

🏡 Not just first-time buyers

If you or a loved one already owns a home and are looking to make space for more family members, the state will reimburse you up to $40,000 for creating a secondary unit (like a backyard cottage) on your property through the Accessory Dwelling Unit Grant Program.

Asked

Are you looking to buy a home in San Jose?

A. Yes
B. No
C. No, but I’m refinancing
D. No, but I’m building an ADU

Let us know

Events

Friday, Sept. 8

Foodieland Night Market | Friday, Sept. 8-Sunday, Sept. 10 | Times vary | Santa Clara County Fairgrounds, 344 Tully Rd., San Jose | $5-$7 | Indulge in cuisines from all over the globe with 175+ food vendors and music, games, and entertainment for the whole family.
San Jose Giants vs Ports | Friday, Sept. 8-Sunday, Sept. 10 | Times vary | Excite Ballpark, 588 E. Alma Ave., San Jose | $15-$29 | Cheer on our home team as they take on competitors from Stockton.

Saturday, Sept. 9

Silicon Valley Fall Fest 2023 | Saturday, Sept. 9 | 10 a.m.-7 p.m. | Memorial Park, 21121 Stevens Creek Blvd., Cupertino | Free | Join this community fair featuring craft beer tasting, robotics, train rides, a bike rodeo, live music, and more.
Downtown West Creekside Social | Saturday, Sept. 9 | 11 a.m.-3 p.m. | 20 Barack Obama Blvd., San Jose | Free | Enjoy local bites, live music, vendors, activities, and more at the first event of this social series.
Chopsticks Alley Art 5th Anniversary Celebration | Saturday, Sept. 9 | 3-6 p.m. | Open San José, 38 S. Second St., San Jose | $25 | Celebrate this milestone with live cultural performances, food, drinks, and art-making activities.

Sunday, Sept. 10

Japantown Certified Farmers Market | Sunday, Sept. 10 | 8 a.m. | 357 E. Taylor St., San Jose | Free | Grab fresh produce + mingle with the community at this weekly summer market.
Viva CalleSJ | Sunday, Sept. 10 | 10 a.m.-3 p.m. | Locations vary, San Jose | Free | Walk, bike, or skate along the open streets and activity hubs in Japantown, Kelley Park, and Tamien Park.

Events calendar here

Click here to have your event featured.

News Notes

Announced

Raging Waters in East San Jose announced that it has permanently closed following the end of its 2023 season. The 23-acre water park — Northern California’s largest water park — opened in 1985 at Lake Cunningham. Share your favorite memories from the aquatic park.

Community

Santa Clara County has reported a potential fruit fly infestation in a 112-square mile area that includes Santa Clara + parts of San Jose, Milpitas, Sunnyvale, and Cupertino. A quarantine for homegrown fruits and veggies will be in effect through June 2024 while areas are treated. Learn more + see the affected areas. (NBC Bay Area)

State

State officials voted this week to make August Transgender History Month, making California the first to do so in the US. San Francisco also became the first US city to make the declaration in 2021, with Santa Clara County following shortly behind. (FOX40)

Development

The tarps and scaffolding on the abandoned First Church of Christ Scientist building on East St. James street have come down. The 1905 neoclassical structure has become a hot topic as the city plans to vote on its potential rehabilitation later this month. Learn the background behind the neglected building. (CBS News)

Family

The new Cesar Chavez Early Learning Center is now open and helping low-income families and underserved students build a relationship with community educators. The center was created through a partnership with the Alum Rock School District, Kidango, and SOMOS Mayfair to provide childcare, diapers, legal advice, and more. (CBS News)

Number

$33.5 million. That’s the amount of revenue that Taylor Swift raked in for Santa Clara County through sales, lodging, food, and entertainment from fans. Beyoncé and Ed Sheeran are also predicted to garner near $7-$10 million each. We can only imagine how much Super Bowl LX in 2026 will bring... (San José Spotlight)

Finance

This leading credit card touts 0% intro APR on balance transfers for guess how many months… with no annual fee. (Hint: The 0% intro APR period lasts until 2025.) Details revealed here.*

Community

🚗 Let’s roll out

A weekend of hot rods: Four auto shows in San Jose

A line of lowrider cars in the City Hall plaza.

You can’t beat the lowrider scene in SJ. | Photo via @sj.shooters

This is a weekend you wheely don’t want to miss. Skrrt on over to these four free shows for a classic automobile fix:

Compas Ranflas y Rolas Show & Shine | Saturday, Sept. 9 | 11 a.m.- 3 p.m. | Strike Brewing Co. | All clubs, bikes, and solo riders are welcome to join this car show featuring food vendors, a raffle, and a live DJ.
23rd Annual Antique Autos | Saturday, Sept. 9 | 11 a.m.-4 p.m. | History Park | See tons of pre-1946 vehicles + antique collectibles.
Del Oeste Kustoms Bike & Model Show | Saturday, Sept. 9 | 11 a.m.-4 p.m. | Watson Park | The club’s third annual event will hand out 100+ awards for bikes and model cars.
15th Annual Classic Car Show and Food Drive | Sunday, Sept. 10 | 9 a.m.-4 p.m. | Lincoln Avenue, Willow Glen | Enjoy tons of cars, raffles, food, and music to benefit Second Harvest of Silicon Valley.

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The Wrap

Today’s edition by:
Alyson

From the editor

I’m glad that it’s still the season of show + shines... I shared this on our Instagram but, my favorite part about lowrider shows is how family-forward it is. I grew up with grandparents who were active in their classic car groups, and seeing a similar community with cars passed down through generations... it’s incredible.

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