New Homes

With large inventories and not as much demand, new home builders are offering much lower than asking prices, large incentives, and builder financing under 6 and sometimes even 5% interest rates. The problem is that they are sometimes hard to find.

Ask a Realtor if he or she sells new homes. Not all will, but those that do can find you some awesome deals if that is what you’re interested in. I have found some awesome new home deals within the last year that beat resale prices. Its like buying a new car since you get to pick your options, interior, flooring, how many bedrooms/bathrooms, and other amenities specific to your wants and needs. Ask me if you need help determining whether or not to go for a new or resale home. I’d be happy to assist.

FHA loan limit increases

This is something everyone needs to know, especially in our county. FHA loan limits are up!!! $729,750 in OC and LA counties, to $500K in Riverside and San Bernardino and $697,500 in San Diego. This is tremendous news as FHA is a very solid program that will allow us to potentially refi homes but more importantly it will allow someone to purchase a home up, to $750,000 in OC; $510,000 in Riverside and San Bernardino Counties; $710,000 in San Diego County, and only put down 3%. All of this can be a gift too!!! Keep in mind though that this program is currently available only till the end of the year.

This is some serious news for homeowners waiting to refinance and also for those wanting to purchase but couldn't or didn't want a jumbo loan. This will bring a boost to the market and housing affordability. Ask a Realtor if you have any questions, or contact your bank or loan officer. We wish you the best in this market and please share this with those you know.