Housing Market is Improving

       Happy New Year!  2013 was an exciting year of transformation for the housing market which will continue on throughout 2014.  We have all seen and heard about the new wave of lending regulations that have been implemented by Dodd Frank in 2014.  But don’t panic!  It’s not as bad as the media has made it out to be.  You can still purchase with as little as 0% down and you can still qualify with past credit issues! 

    VA is one of the best loans out there for qualified borrowers who are currently serving or have served in the past.  The down payment requirement is 0% up to a $527,500 loan amount in San Diego County (yes the limit on this INCREASED!) and the rates on this product are lower than conventional rates with NO monthly mortgage insurance.  VA also allows fico scores down to a 620 and you can purchase again 2 years out of a foreclosure or short sale.  For some short sales situations, there is no waiting period.

     FHA is also another good option with a minimum down payment requirement of 3.5% which can be gifted.  The maximum loan amount in San Diego County with the minimal down payment is $546,250 for a single family dwelling and increases from there on 2-4 units.  FHA is also forgiving of past credit issues and you don’t need to be a first time homebuyer to qualify.

   Conventional financing is still a good viable option as most people thought the new QM rules would majorly affect this.  It hasn’t!  You can still put as little as 5% down.  You are also able to add a non-occupying co-borrower to the loan to help qualify.  So if you are a student or if your income falls short of qualifying, you can add your parents, aunt, brother and etc to help you get qualified and into the home.

     We are now finally seeing a nice trend of statics and news showing the housing market and economy improving.  This hasn’t impacted home loan rates too much as the 30 year fixed is still in the 4.0’s and the 15 year is still in the 3.0’s.  Take advantage of these rates and lower home prices as it will continue to gradually increase throughout the year. 

     As San Diego Magazine’s “5 Star Award” Winner for service, I’d be happy to help you with any of your mortgage needs.   Every client I work with gets the same great service and knowledge.  Please feel free to contact me anytime!

        

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Ashley Ortega is a Sr. Mortgage Consultant with CMG Financial.  She is a wealth of knowledge and can guide you with financing to meet your specific needs. She has been serving the mortgage industry for over 10 years and enjoys working extensively with home buyers and refinances.  It is her goal to retain you as a client for life.


Contact Ashley to find out more information about financing in today's market:

Ashley Ortega | Mortgage Consultant-Consumer Services

NMLS# 238561 |  CMG Financial, NMLS #1820

1033 B Avenue, Suite 105, Coronado, CA 92118
Mobile: 619.955.9483  |  Office: 619.554.1905  |  
Private Fax: 619.819.4223
aortega@cmgfi.com  |  www.cmgfi.com  |  aortega.cmgfi.com