Great News for First-Time Homebuyers

Don’t let rising real estate prices discourage you from purchasing your dream home.

With an average San Diego home price of $500,000, buying a home can appear to be out of reach for many first-time homebuyers. Thankfully, Fannie Mae and Freddie Mac decided to make some changes to help them out. The minimum down payment on conventional loans up to $417,000 was reduced from 5% to 3%. FHA also reduced their mortgage insurance premiums by .5%. For example, the monthly mortgage insurance is now $307.59 instead of $488.53 a month on a $450,000 home with 3.5% down.  That savings equates to $38,000 in purchasing power! This is a welcomed discount for home buying in 2015.

Give me a call today and together we can find the best real estate options for you.

Information courtesy of Jennifer Lund.  Statistics courtesy of SDAR.