Home Buying in Escondido>Question Details

jabinibarra, Home Buyer in Escondido, CA

Is it a good time to buy in San Diego?

Asked by jabinibarra, Escondido, CA Thu Mar 1, 2012

Is it true PMI is going up on April 1st?

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13
We have some distressed property rehabs that are priced very reasonably we'd love to show you. We are a RE brokerage, general contractor rehab specialist and would love to show you some truly great buying opportunities.
0 votes Thank Flag Link Fri Mar 2, 2012
Janinibarra,

I was reading a CAR (California Association of REALTORS) article today and noticed the following talking point that I thought would benefit you to remember.

"Private mortgage insurance: Homeowners who are paying PMI likely will be able to fully deduct the amount, as long as their adjusted gross income is $100,000 or less ($50,000 for married taxpayers filing separately). Borrowers with incomes above $100,000 may qualify for a partial deduction."

If you have not already started, get your lender prequalification done and find a good REALTOR to work with you on your home search. Most Trulia agents would be happy to help or as friends a family for a referral.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
Rancho Bernardo
760-644-1562
0 votes Thank Flag Link Fri Mar 2, 2012
Jabininbarra,
You have gotten good answers from other realtors. Yes PMI is going up but it all boils down to one issue you being ready and capable of buying. The rates are historically low and prices are affordable. No one can really tell about the right timing. Now is the cheapest mortgage you are likely to see in your lifetime!!!
Raana Jamshide
http://www.HomesatSanDiego.com
0 votes Thank Flag Link Thu Mar 1, 2012
PMI is going up, but probably not as bad as most people think. About $35 more per month for a $300,000 FHA loan. Not horrible...but would still add about $7000 to the cost of the loan.
0 votes Thank Flag Link Thu Mar 1, 2012
It's only a good time if you are ready and you find the home to fit your needs. Yes it is also true MI is going up in April, but if you can save a little more and put 5% down instead of 3.5% down you can go with a conventional loan with Lender Paid Mortgage Insurance and avoid the funding fee plus the annual fee. Send me an email and I can get you more information from the lender directly.
0 votes Thank Flag Link Thu Mar 1, 2012
If you're ready to play some hardball and really want to get the most bang for your buck. I'd wait a bit longer. If you want to know why give me a call. 760 815-6977. This will truly surprise you.
0 votes Thank Flag Link Thu Mar 1, 2012
Hello Habinbarra,
To answer your first question, Yes! it's a great time to buy in San Diego. In my many years as a Realtor, prices have never been so affordable. Many homes are selling for nearly 50% less than the top of the market in 2006.
That equals HUGE savings to savvy buyers looking to take advantage of these wonderful prices. Also Interest rates are now at record lows. Along with helping you find the perfect property, I also work with a fantastic lender that would love to help you get the best rate on the right loan for you. Regarding your second question, Yes, it is true that the FHA mortgage insurance are going up on April 1. The annual premium will increase from 1.15% to 1.25% and the up front premium will increase from 1% to 1.75%. Therefore I suggest you contact me as soon as possible so you can lock in before the new rates go into effect April 1.

If you would like help finding a home before the deadline, I would be glad to help you. Please contact me and together we'll find you the perfect property along with getting you touch with a reputable lender that cares.

I hope to hear from you soon,
Brad
0 votes Thank Flag Link Thu Mar 1, 2012
Many people arae trying to "time the market." My beleif is that if you are interested in a fixed long term housing payment that is tax deductible. the payment amount should dictate your decision to buy. If you can afford it and have homeownership as a goal that should be the primary concern when determining whether it is a good time to buy. In addition there are many people who lost or walked away from their homes becoming eligible to buy soon, so you definitely dont want to be competing with them as many people have been waiting to buy again.

Yes FHA MI is going up April 1st, but as long as you're under contract and your lender orders a FHA case # before April, you are still eligible for current MI. There are some great opportunities, especially in the distressed market. My reccomendation is to buy the ugliest fixer in the neighborhood you want to live in and then finance the repairs with something like a FHA 203k. I have seen my clients get some great deals with this product on rehabs and if you can build in some equity AND have an affordable payment, it is a great time to buy!

Rafael Perez
Loan Consultant, imortgage
nmls#258379
Rafael@FixerFunding.com
(619)796-203K
Web Reference: http://FixerFunding.com
0 votes Thank Flag Link Thu Mar 1, 2012
NOW IS A GREAT TIME TO BUY. In the 35 years that I have been in the real estate industry I have never seen both prices and interest rates low at the same time. Prices have come down 30-50% from the highs a few years ago. Rates are at all time lows. If you are serious about getting a home now is the best time to do it.

It is true that the FHA mortgage insurance will go up on April 1. The annual premium will increase from 1.15% to 1.25% and the up front premium will increase from 1% to 1.75%. The up front premium is added to the loan and the annual is included in your monthly payment along with your property taxes and home insurance. I work with a lender who, if we get an offer accepted prior to April 1, can lock in the lower premiums for you.

If you would like help finding a home before the deadline, I would be glad to help you. Please contact me and we will get you pre-approved for a loan and find you a house.

I am never too busy for your referrals
Jerry Heard
Your Broker
The San DiegoProperty Shop
http://www.thesandiegopropertyshop.com
jerry.sdps@cox.net
Cell 619-920-9796
DRE#00648687
0 votes Thank Flag Link Thu Mar 1, 2012
Hi Jabinibarra,
I don't think anyone answered the 2nd question: YES. PMI is going up:
"The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April."
I definitely think now is a great time to buy, but everyone's situtation is different. Please call me directly and we can go over the different financing programs that are available for you and find you the best home, at the best price and terms. :)

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
0 votes Thank Flag Link Thu Mar 1, 2012
Now is a great time to buy! We not only sell in this market, but are active investors too. Between the large price reductions and historical low rates, affordability in the San Diego is area is amazing! Have your lender do a calculation to compare the costs of purchasing vs. renting and you will be pleasantly surprised. We are always available to answer questions if you want some specific examples. Good luck!
0 votes Thank Flag Link Thu Mar 1, 2012
It is-the right time to buy and waiting will only create lower inventoryI have been in the business since 1995 and now is the right time-rates are low-lenders are actualy helping buyers and there aare some lovely choices- Please do not wait any longer
0 votes Thank Flag Link Thu Mar 1, 2012
If you want to own a house in San Diego;

Now would probably be the best in your lifetime!
0 votes Thank Flag Link Thu Mar 1, 2012
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