Home Team San Diego - Your San Diego & East County Real Estate Experts

Home Buying Reluctance for First Time Buyer's

It's ironic isn't it? Not so long ago home buyers were incredibly excited about buying - and it was a home sellers market! Real estate prices were escalating and it was perhaps one of the most difficult times to buy value and yet people were buying like there was no tomorrow. Buyers were afraid of losing out by not buying even though the advantage was all to the seller. Now a shift has occurred and it's a true home buyer's market and what happens? Fear is still in the driver's seat but the tables are turned - the fear of paying too much seems to stop most in their tracks and immobilizes them. When they should have been afraid of paying too much they weren't and now that they shouldn't be afraid of paying too much they are!

San Diego Real Estate is On Sale!

If you are like so many other first time buyer's - paralized with fear or uncertain if this is your time to buy, I understand! The process is intimidating for most when so much is on the line.

We are in a real estate market now that’s unlike any we’ve seen in the last ten to fifteen years - and that’s a GOOD THING if you’re a first time buyer! “Why” you ask?  

• In the last two years many San Diego home values have dropped by as much as 40%!
• First time home buyer tax credits of up to $8,000 are available through June 30, 2010!
• First time home buyer down payment assistance programs are available to help new home owners get in to their first home! Be sure to scroll down this page for some very important information on several of these programs including the California Dream program which provides eligible first time buyers assistance with up to 50% of the home purchase price. For homes located in the County of San Diego a program is available providing first time buyers $35,000 in down payment and closing costs!
• Low interest 30 year mortgages are still available!

First Time Buyer Programs - There Are Many Available!

The City of El Cajon has partnered with the State of California to offer the California Dream program. This program provides first time buyer's loan assistance of up to 50% of a homes purchase price and $5,000 in closing cost assistance (as of 12/07/09)! This program is valid on any home purchased in the City of El Cajon. Elibility is income dependent. If you are interested in more information on this program contact me!

The County of San Diego also has a first time home buyer program for homes that are purchased in any of the unincorporated areas of San Diego. This program will provide up to $35,000 (as of 12/07/09) in down payment and closing costs and allows buyer's to purchase with only 1% of a down payment on the purchase price.

Both programs require that you use a lender approved by the city or county - for more information on qualifed lenders please call or email!

Needless to say the mortgage lending horizon has changed - as it should have. The days of getting a home loan without income documentation and the days of 110% financing are behind us. But for qualified home buyers, make no mistake about it, home loans are available! So “what’s a qualified home buyer”? Today a home buyer needs to come to the table with at least 3% of the home purchase price for down payment. In today’s market, that can be as little as $6,000 to purchase a $200,000 condominium or $9,000 to purchase a $300,000 detached home! Also, today’s buyer needs to have approximately 33% of his or her monthly income available for the mortgage.