Tanya, great job in the desire to purchase as a single mom. It's a daunting task, but your timing is excellent. We work with a lot of San Diego military and first time home buyers. As a first time buyer, you can get a loan with as little as 3% down - at a time when San Diego property values and interest rates are at ten year lows. In addition, there is a first time buyer's tax credit of $8,000 for homes purchased before December 31st. This is a CREDIT - not a deduction!

We work with a great team of loan officers that specialize in FHA (first time buyer) and VA (military buyer) loans. We would also be happy to set you up on a free, no obligation home finder. Visit our site at http://www.mewbornteam.com to set up your home search. If you have any specific questions, please call or email us at (858) 205-2000 or mmewborn@gmail.com. Good luck in your search!

Mike and Amy Mewborn

Hi Tanya...
Here's an article for first-time homebuyers that might help you get started. It mentions the things the other real estate agents have mentioned as well as a few other pointers. I would disagree that you should wait another year to save 20%--there's no timing the market. If you see a home you like, make a fair offer. Value is determined by the market. Good luck with your purchase!

http://www.associatedcontent.com/article/1209989/what_you_ne…

First you have to get a "Bona Fide" Pre-Approval. This a a pre-approval that has actually been underwrtitten so that when you provide the letter of Approval to the seller of the property that you are seeking contract on the only conditions are; Appraisal, title insuance, and Home owners insurance.

Your approval will tell you your interest rate fixed on a 30 year fixed rate, maximum purchase price, and your payment with principal, taxes and insurance.
You will be informed of your conditions for (CTC) clearance to close your loan from underwriting. These conditions should be cleared "prior" to obtaining a contract for purchase with exception to the conditions I mentioned above.

Please review my profile and if I can be of any assistance in your quest to purchase your first home feel free to contact me at my email address.

In terms of price declines it depends where you are looking. Prices on entry level single family homes in the inland areas of San Diego have reached some stability and are having multiple offers if priced right.

Hi Tanya,
Wait another year to buy, save another 20%. Prices are declining. Good Luck

Hi Tanya,

#1 very first thing to do is looking into home financing options. Find out what the maximum price property you can afford and what your full payment will be (mortgage payment + property taxes + mortgage insurance + hazard insurance). Make 100% sure you feel comfortable with that total housing payment. The next step would be to talk to a few realtors and find one that is the best fit for you. But it's very important to get your home financing squared away first to avoid wasting time.

#2 There are a lot of little known first time home buyer programs that I specialize in within San Diego County. Many of the cities, the county and the state offer programs that provide down payment assistance to allow you to have a lower home payment.

Warm Regards,
http://www.sandiegodownpayment.com
Rob Chomentowski
Sr. Loan Officer
858-922-7899
rob@affinity-financial.com http://www.affinity-financial.com

Hi Tanya... Find a REALTOR you're comfortable with, preferably a team, they will be paid by the sellers at close of escrow. If you're looking in Santee, decide what area you want to be in, do you want to be over by the lakes or somewhere else? Ask your REALTOR if there is any help you can get from the City of Santee for 1st time home buyers to help cover closing costs, down payment, etc.. Find out if you qualify for CALhfa, CHAdap financing. There are many places that you should be able to qualify for. Best of luck...
Dutch
team.haley@gmail.com

Hello Tanya,

You need to find a real estate broker that you trust. This person will find properties that you can afford and negotiate the best deal for you. Also, you will need to work with a bank or mortage broker to secure financing.

I help people, such as yourself, find the perfect home. I am happy to refer you to a mortgage broker to secure financing. My fees are already built into the purchase price of the home.

Nick Rhea, MBA, Broker
President
Bombora Investments, Inc.
619-886-2004
nick@bomborainvestments.com