A major US bank is currently offering a loan program for buyers that helps clients get into a property with an FHA loan if they are having difficulty coming up with the 3.5% down payment. If the borrowers income in San Diego County is less than $90,600 they are eligible for the program. There is no first time homebuyer requirements, and other than the income requirement, only standard Underwriting guidelines apply. The borrower will then receive 3% of their total loan amount as a non repayable grant that will be used towards their 3.5% down payment and/or closing costs.
We have done a few breakdowns for those of you that are paying rent currently, and thinking would this be a good time to buy a home. All these numbers are rough calculations but pretty close, if you interested please contact us for more information.
Some rent scenarios:
· If you are currently pays $1500 in monthly rent
You can then purchase a single family residence for 200k with the same total monthly payment.
Total money out of pocket to close would be roughly $1,152 + closing costs.
· If you are currently pays $1800 in monthly rent
You can purchase a single family residence for 240k with the same total monthly payment.
Total money out of pocket to close would be $1,383 + closing costs.
· If you are currently pays $2100 in monthly rent
You can purchase a single family residence for 285k with a monthly the same total monthly payment.
Total money out of pocket to close would be $1,642 + closing costs.
· If you are currently pays $2500 in monthly rent
You can purchase a single family residence for 340k with a monthly the same total monthly payment.
Total money out of pocket to close is $1,959 + closing costs
Who knows where the bottom of this market will be, people have been speculating the last 4 years and will continue. Fact is, interest rates are ridiculously low, property prices are low, and there are a ton of great options that are not short sales in San Diego. So if you are thinking about buying a home, we would love to help you. First things first though, let’s see what you qualify to buy, this will save us time and energy and give us a realistic outlook when searching for your new home. Don’t hesitate to contact GL Investments, we would love to answer your questions, help you work with major US banks, and find you that perfect deal on the perfect home in sunny San Diego.
