Mike Frey San Diego Realtor

First-Time Home Buyers, You Can Live in San Diego!

If you rent and work in San Diego and wish to own a home here, you can take advantage of a First Time Home Owner Program specifically designed for you.

You should buy a house in San Diego. It’s an amazing place to live, and the people who bought homes years ago are very happy today. Imagine asking yourself that question a few years from now.

Don’t believe me? Fine, keep renting. But if you realize renting is just throwing your money away, then this web page is for you.

 Contact me [email protected],   Digital Business Card or 858-330-1242

First, Understand Housing Problem.

As a Realtor, I can tell you, we do NOT have a housing problem in San Diego. We have a transportation problem. Think about it: we only have two main freeways traveling north and south, the 5 and the 15, and they’re just four lanes wide. Crazy, right? And what about cars, fossil fuels, and the environment? The solution is simple: require cars that can drive 75 miles on a single gallon or use electric hybrids. With more freeways, you could live further away from work or the things you enjoy in San Diego. That makes sense, right?. 

For example: Some Townhomes and Condos are excellent opportunities in University City, surrounded by freeways,(That is why is called the Golden Triangle) and easy access to work, but you don’t see the freeways. 

Location, Location, Location for First-Time Home Buyers

The steps to first-time homeownership are really simple. Talk to me, and we’ll have a consultation meeting. You’ll leave with a solid game plan to get a house you can afford, close to where you want to live. I offer Buyer’ Agent services, check out the details.

Did you Know?

Many local banks and credit unions have programs with money earmarked for first-time homeowners. It’s part of their business plan. By becoming a first-time homeowner, you’re actually helping them out too!

  • These programs can include lower interest rates and special mortgage terms. It’s worth exploring these options to find the best deal.

One of the most famous First-Time Homeowner Programs is the: CalHFA Loans for First-Time Buyers

The California Housing Finance Agency (CalHFA) provides low-interest loans specifically for first-time homebuyers. These loans often come with lower down payment requirements, making them an attractive option. (This is the most famous, but least accessible for most First-Time Home Buyer in San Diego, i say pass on this one)

Neighborhood-Specific Programs. (I bet you didn’t know this) Areas like, University City, Mira Mesa Tierrasanta, Clairemont, and Linda Vista.

Some Banks in San Diego offer specific programs to attract new First-Time Home Buyers. These programs may include tax incentives, grants, or community development initiatives. Exploring these options can uncover additional benefits and opportunities. I have access to a map of San Diego, areas are sprinkled almost everywhere. (call me, I can get the address checked)

First-time home Buyer in San Diego with numerous programs and resources available, it’s achievable if you have a credit score of around ~600 and up.  By leveraging these opportunities, you can turn your dream of homeownership into reality.

Some programs are designed to help you remodel a distressed property. Check out this program for you.

Navigating the array of programs might seem overwhelming, but each step brings you closer to owning your first home. Take advantage of these resources and make your San Diego First-Time Home Buyer journey a success. Do NOT stress, I will help you navigate the processes.

Stop Renting, Call me. Let’s get you in a home, any home in San Diego.

 Contact me [email protected],   Digital Business Card or 858-330-1242

Ex Military? VA Benefit explained

Introduction to VA Loans

VA loans are a fantastic option for first-time home buyers who are veterans, active-duty service members, or eligible surviving spouses. These loans are backed by the U.S. Department of Veterans Affairs, providing significant benefits that make homeownership more accessible.

Key Benefits of VA Loans. In San Diego AS OF 06/2024 the loan limit is up to $1,006,250  

No Down Payment Required

One of the most appealing features of a VA loan is the zero down payment requirement. This can be a game-changer for first-time buyers who might struggle to save for a substantial down payment.

No Private Mortgage Insurance (PMI)

Unlike many conventional loans, VA loans do not require private mortgage insurance (PMI). This can save borrowers hundreds of dollars per month, making homeownership more affordable.

Competitive Interest Rates

VA loans often come with lower interest rates compared to conventional loans. This means lower monthly payments and less money paid over the life of the loan.

Flexible Credit Requirements

VA loans have more lenient credit requirements. This flexibility allows more veterans and service members to qualify, even if their credit history isn’t perfect.

Lower Closing Costs

The VA limits the amount lenders can charge for closing costs. Additionally, some closing costs can be covered by the seller, further reducing out-of-pocket expenses for the buyer.  Count on closing cost to be around ~2.3% of the price of the house. It can be financed with a loan.

Must be Your Primary Home

For most people, this is not an issue. (That’s why they are buying a home, for a place to live.)

Appraisal Requirement

Must be Safe, with no broken windows, Heating (Hot and Cold running water) Sanitary, No Mold, Termites, Water or Fire Damage) Needs to be home-free from major structural issues. In other words, a good safe home to live in. (Not a Fixer-upper or Fix and Flip situation)  But you can buy a Home, live in it, fix it up, sell it, and repeat using the same VA loan benefit every 12 months or so. It can be an amazing opportunity for our Veterans. Take advantage of it   

Eligibility Criteria for VA Loans

To be eligible for a VA loan, you must meet certain service requirements. These include a minimum length of service, typically 90 days of active duty during wartime or 181 days during peacetime. National Guard members and reservists may also be eligible after six years of service or if called to active duty.

 Contact me [email protected],   Digital Business Card or 858-330-1242

Mike Frey Realtor your Military Relocation Professional and first-time home-buyer and VA home-buying benefit information
Mike Frey Realtor your Military Relocation Professional and first-time home-buyer and VA home-buying benefit information 1
Mike Frey Realtor your Military Relocation Professional and first-time home-buyer and VA home-buying benefit information

Steps to Obtain a VA Loan

1. Obtain a Certificate of Eligibility (COE)

The first step is to obtain a Certificate of Eligibility (COE) from the VA. This document verifies your eligibility based on your military service. You can apply for a COE online through the VA’s eBenefits portal, by mail, or through your lender.

2. Choose a VA-Approved Lender

Not all lenders offer VA loans, so it’s important to choose a VA-approved lender. These lenders are familiar with the VA loan process and can guide you through it smoothly.

3. Pre-Qualify for Your Loan

Pre-qualifying gives you an idea of how much home you can afford. This step involves providing your lender with basic financial information, including your income, debts, and credit score.

4. Find Your Home and Make an Offer

Once pre-qualified, you can start house hunting. When you find a home you love, your real estate agent will help you make an offer. If accepted, the purchase process moves forward.

5. VA Appraisal and Underwriting

The VA will conduct an appraisal to ensure the home meets its standards and is priced appropriately. Your lender will also underwrite the loan, reviewing your financial information in detail.

6. Close on Your Home

If the appraisal and underwriting go smoothly, you’ll move on to closing. At this meeting, you’ll sign the final paperwork, pay any closing costs, and receive the keys to your new home.

Conclusion: Embrace the Benefits of VA Loans

VA loans provide a path to homeownership that recognizes the sacrifices made by our veterans and service members. With no down payment, no PMI, and competitive interest rates, VA loans make buying a first home more achievable. By understanding the eligibility requirements and following the necessary steps, you can take full advantage of this valuable benefit and secure a home for you and your family.

 Contact me [email protected],   Digital Business Card or 858-330-1242

Special Note: These areas close to MCAS Mira Mar would include University City, Mira Mesa Tierrasanta, Clairemont, and Linda Vista. These homes, Townhomes, and Condos are always on the market and ready for your tour. 

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