I cannot tell you how many times I meet a new investor that says, "send me all your deals," and I will take a look at them.Â I must have stupid written on my forehead.. Any good realtor knows that there is nothing stopping that investor from going directly to the agent listing the property and writing an offer through them.Â So, how do you protect yourself but also encourage investors to work with you?
To read the full article about how Investors can find real estate deals in San Diego click the link
Since interest rates have been so attractively low, a lot of buyers may be considering a home purchase. Unfortunately, many people have not been able to take advantage of the phenomenal rates lenders are offering because they do not have the cash available for the down payments.
Fortunately, in San Diego County, government entities are providing grants and funding for various different down payment scenarios. Following are some of the great programs available for down payment assistance....
Please click here to visit my website for the full article and information on getting down payment assistance to buy your next home
A few weeks ago I wrote a post of Changes to FHA with their MI (mortgage insurance) rates. Â These changes will now officially take place after Sept 7, 2010. Â
Taken from my post on FHA changes:"Congress just passed a new bill allowing FHA to increase their monthly mortgage insurance (MI) rate for new home buyers on all FHA Loans. Â The previous MI rate depending on your monthly mortgage insurance premium was either .5% or .55% which has now been raised to 1.5% "
Continue reading article and find out more about these changes
I recently blogged about some changes FHA was making, how they are making some areas tougher for the home owner. Â With these changes however, FHA still offers what no one else does when it comes to being able to purchase a home:
-Low down payments - you only need a 3.5% down payment
-Mortgage Insurance is more dependent then Conventional loans, and has the most reasonable underwriting
-High loan limits have been extended to $729,750 Â (still with only needing 3.5% down!)Cont..
Find out more benefits of FHA, or search for a home now!
The San Diego Housing Commission has many great programs available for homebuyer's in San Diego. Â One of these great programs is the Closing Cost Assistance Grant Program. Â This is a recoverable grant Â offered to help pay the homebuyer's closing costs not paid through concessions or other subsidies.
-This grant totals up to 4% of the purchase price (currently a maximum of $451,250) but does not exceed $15000. (Does notÂ exceedÂ $10,000 if buyer's earnings are higher then 80% or area median income.)
-The grant must be paid back, with 5% interest, if home is sold, refinanced, or not owner occupied within first 6 years. Â So it is best to use this grant if you plan on staying in your home long term. Â
- This grant can be used with the MCC program I recently blogged about also offered by the San Diego Housing Commission.Continure reading article and find out how you qualify for this program!
Heard of the San Diego Housing Commission MCC Program? Â This program is designed to help homeowners to more easily afford their mortgage with the assistance of government tax credits. Â Through this program you will become entitled to take a federal income tax credit equal to either 15% or 20% of the mortgage interest on the loan. Â This effects just your federal taxes and not state. Â
In using this program it will be arranged with your employer to withhold less taxes from your pay, thereby increasing your take-home pay which will then allow you to have more moneyÂ accessibleÂ to pay your mortgage. Â This MCC program is a direct tax credit
which you are able to take in addition to the mortgage interest deduction available to all homeowners who make mortgage payments.
Here is an example of how this Program works:Continue reading and Find out more about this great program!
HUD just released a few new changes to the FHA program. Â They are as follows:
- They have reduced the seller allowable concessions from 6% to 3%. Â FHA has said that allowing sellers to contribute 6% creates more risk to FHA in that it brings up the cost of the home above appraised value which thereby exposes them to more risk if the homeowner then defaults. Â FHA says that reducing the concessions to 3% will bring FHA into conformity with industry standards. Â This new change is going to make it more difficult for some trying to purchase home. Â Continue reading about FHA changes...Â