The $8000 tax credit is expiring soon so the time to get approved for your San Diego Ca Mortgage is now. Since this first time home buyer tax credit was announced home buyers in San Diego County have been buying up inventory quickly and when you consider that buyers in the San Diego market are having to put in offers on multiple homes to have one approved the time to act is now.

Local Appraisers have told us that values in most areas of San Diego have stabilized due to the lack of inventory of San Diego homes for sale. Mortgage rates are still near all time lows on the 30 year fixed mortgage and home values in many areas are where they were in 2001. Perspective San Diego home buyers should be using all of the tools available and buy that new home while still being able to take advantage of the $8000 of free government money.

This program expires December 1st so call (619)285-2921 today to get the process of approval started for your San Diego Ca home mortgage.

Basic Pre-Approval                     Printable Application

The “Making Home Affordable” plan has expanded to include your higher balance San Diego Mortgage Loan.

Many San Diego home owners are not able to get their mortgage refinanced even with President Obama’s “Making Home Affordable” plan going up to 105% LTV (loan to value). The 105% cap on the program is leaving many San Diego home owners unable to refinance out of their adjustable rate mortgages due to local home values dropping so drastically over the past few years. That is about to change because last month there was an announcement made that will be able to help many more home owners refinance their upside down mortgages. The new maximum loan to value limit will be 125% for refinancing your San Diego home mortgage. This increase will allow many more people to get a fixed rate instead of their unpredictable adjustable rate home mortgage. However, there are limitations that apply. Your current mortgage must be owned by Fannie Mae or Freddie Mac. To see if you qualify call me and I will see if your property qualifies or visit these two self service look up tools and know in just a few minutes.

  Fannie Mae                               Freddie Mac

To learn more about this program or any other San Diego home mortgage give us a call at (619)285-2921 or apply below.

Mortgage Pre-Approval                                                Printable Full Application 

Many more San Diego home buyers are going with FHA financing than in years past and the FHA loan fundings are growing. At this point the number one question that I get these days from buyers is “Should I use FHA for my San Diego mortgage loan?”. The answer is not standard for every buyer in every situation but hopefully by explaining what the FHA loan program can do you can better see if it is a good way or possibly the ONLY way for you to finance your new home.
 Here are some of the benefits of getting a FHA backed San Diego mortgage loan:

      · FHA loans require as little as 3.5% down payment.
      · FHA guidelines will allow for a credit score as low as 620.
      · FHA guidelines will allow a home buyer that had a Bankruptcy 2 years ago.
      · FHA will allow for some or ALL of the down payment money to be gifted by a family member.
      · FHA can be used for up to a 4 unit building as long as you will be living in one of the units.
 

These flexible guidelines and the $8000 government tax credit are helping renters that thought they would not be able to buy with today’s more strict lending standards.   When shopping for your San Diego Mortgage Loan we will make sure to explore all options including FHA to help you make the most informed decision on your new home purchase.