San Diego

Yes, mortgage loans are still being made. The media paints real estate and mortgages as doom and gloom, but people are still buying houses. Mortgage restrictions have tightened up–no more stated income, 100% loans. We are back to the good old days when people actually come in with a down payment to get a home loan.

FHA and VA home loans are on a comeback. With the FHA loans you have to have 3% of your own money (it can be gift money), and with a VA loan you can buy with zero down. From my experience, the more money you put down, the greater the chance your offer will be accepted when in a multiple offer situation.

Buyers should talk to their lender and be pre-qualified before looking for a home. Once they know their mortgage, they know the price range in which they need to look. It’s very disheartening to fall in love with a house that you find out you can’t afford the mortgage, and then everything else in your price range just doesn’t measure up. Also, a mortgage pre-approval letter from your lender should accompany your offer. Most sellers won’t even consider an offer without a mortgage pre-approval letter.

If you need me to put you in touch with a reputable lender to find out your qualification or have other questions about mortgages, feel free to send me an email.