This morning I received a summary of rates from one of my preferred lenders, Matt Young of MDC Capital. I’ve been working with Matt for almost ten years and have trusted him with many of my client’s transactions. Take a look at these rates –
Conventional loans up to $417,000 are at 4.625%
High Balance loans $417, 001 to 697,500 are at 4.75%
FHA/VA loans up to $417,000 are at 4.25%
FHA/VA loans above $417,000 are at 4.375%
Fixed Jumbo loans start out at 5.875%
5 year adjustable Jumbo loans start out at 4.125%
All of these loans have no points or origination fee.
I know that you are waiting for the proverbial bottom of the market, but I can’t imagine rates getting any lower. If you are thinking about buying your first home, moving up, or investing in the local market, then now’s the time!
A $400,000 home can be purchased with as little as 3.5% down and if you are a conventional 20% down buyer your monthly payment (Principal and Interest) would be less than $1700! Can you rent a comparable home for less than $1700? Doubtful!
Do you want some examples of what $400,000 can get you in San Diego?
How about a 5 bedroom 3 bath home in San Carlos – CLICK FOR MORE DETAILS
or a 4 bedroom 2 bath home in Poway – CLICK FOR MORE DETAILS
Buying isn’t right for everyone, so let’s talk and see if it’s right your you.