VA, FHA, Conventional…What The Heck Is The Difference?
Whether you are just starting your home search or are an experienced home buyer, you have probably heard the terms FHA, VA and Conventional in references to mortgage loans. I wanted to write this blog to help you understand what each of these is and talk about the pros and cons of each mortgage loan type as this can be rather confusing. VA What it is: A loan designed for veterans...
Read MoreVA, and FHA, and Conventional Loans! Oh My!
Whether you are just starting your home search or are an experienced home buyer, you have probably heard the terms FHA, VA and Conventional in references to mortgage loans. I wanted to write this blog to help you understand what each of these is and talk about the pros and cons of each mortgage loan type as this can be rather confusing. VA What it is: A loan designed for veterans and...
Read MoreSan Diego Mortgage Rates Hit Record Lows!
On June 24th, Freddie Mac released the results from a survey they conducted which found that San Diego mortgage rates have hit record lows. The mortgage rate on a 30-year fixed-rate mortgage (FRM) averaged 4.69%. Just one week ago, this rate was 4.75%. A year ago, the rate was 5.42%. This means that with 20% down, the mortgage payment on a $300,000 San Diego home would be $1,554.16. The...
Read MoreUse Fannie Mae’s HomePath Financing and Buy with 3% Down!
For additional details on Fannie Mae’s HomePath Financing, contact Stepahnie Cortese with Prospect Mortgage via her website by clicking the link below: Tania Shanahan – Prospect Mortgage – Fannie Mae HomePath Financing This financing program is only for Fannie Mae (FNMA) bank owned foreclosures, also known as REO (Real Estate Owned). IF you would like to find homes that...
Read MoreFHA Waives 90 Day Flip Rule Opening the Door for San Diego Homebuyers
The department of Housing and Urban Development (HUD) recently announced that they will temporarily be lifting the FHA 90 day flip rule effective February 1st, 2010. This rule has previously precluded San Diego homebuyers from utilizing FHA financing to buy homes that have been owned by the seller for less than 90 days. According to HUD’s website, “The policy change will permit...
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