March in San Diego-Newsletter

Don't Forget to "Spring Forward" This Sunday at 2:00 am, because of Daylight Saving Time, remember to set your clocks one hour ahead.

Best Housing Market

Did you know that Forbes.com recently ranked San Diego as the fifth best housing market now, based on the slowing rate of market declines? True!

Mortgage Relief for Homeowners

Have you been on time with your mortgage payments but are upside down? Recognizing that responsible homeowners shouldn't suffer, the Obama administration announced the Home Affordable Refinance program. The program would help homeowners who live in their home, have made their mortgage payments on time, owe $729,750 or less on their home and can document their income, refinance without traditional equity requirements.

Planning on Buying a Home Soon?

Low interest rates have helped move homes in San Diego, along with the $8000 first time homebuyer credit.

If you're planning to buy a home soon, make sure to consider the following:

1. Make sure your credit report is accurate. Your credit score will help determine what kind of loan and interest rate you can get. If there are mistakes on your report get them cleared up now. You can get a free credit report once each year so you can review what is in it.

2. Save for a down payment. Generally, the best interest rates will be based on a 20% down payment. Most loan programs, including FHA, will require that you have some money to put toward the home.

3. Look into loan options and programs. In addition to conventional loan programs you may be eligible for VA loans (which will allow you 100% financing) or FHA loans (which require you to have at least 3.5% down payment). Speak with a loan broker to find out what types of loans you are eligible for.

4. Make sure you know how much you can afford. Loan officers can let you know what you can afford based on your information, but make sure the numbers make sense for your situation. Find out your monthly payment (which would include loan principal, interest, property taxes, insurance, and, if applicable, HOA fees) to be sure that the amount you can qualify for is really the amount that you can afford.

March CyberTips

Here are some helpful links for you:
March CyberTips

If you need any information or have any questions or feedback please email me (Deb@PropertyByDeb.com) or call (858-829-1989).