Tag Archives: first-time homebuyers

6 tips for first-time homebuyers

Lily Leung, from U~T San Diego had some great tips for first-time homebuyers in her article “6 tips for first-time homebuyers”. Read part of it here, then skip over to SignonSanDiego.com for the rest of the article:

“Here are a few pointers I picked up at a first-time homebuyers workshop hosted by the San Diego Association of Realtors, or SDAR, over the weekend:

1) Consider hiring a real estate agent. Interview several candidates and make sure to ask them lots of questions. You’ll be sharing personal and financial details with your chosen Realtor, so make sure you choose someone you’re “very, very comfortable with,” said SDAR vice president Leslie Kilpatrick.

2) Don’t just take their word for it. Ask real estate agents for their resumes. Google them and nail down their web presence. And most importantly, find out if they’ve ever been disciplined. You can do a simple name search on the Department of Real Estate’s website…”

Are you thinking of buying a home yourself? Please, put me to the test–give me a call to interview me; I would appreciate the opportunity to earn the privilege to find a home for you and to represent you.Contact me today: (619) 890-3648

– John A Silva

FHA aid to high-priced homes should drop

FHA aid to high-priced homes should drop

Insurance should benefit first-timers, lower-income buyers, George Washington University report says

“The widely used FHA mortgage insurance program should return to its roots of helping primarily first-time and lower-income buyers, say two economists from the George Washington University business school.

“FHA is serving a market — higher-income borrowers — that it has not traditionally served,” say Robert Van Order and Anthony Yezer. “To the extent there is a subsidy involved in FHA insurance, it is not clear that taxpayer dollars should be used to serve these borrowers. There is no obvious purpose achieved by encouraging purchases of homes with $700,000 mortgages and less than 5 percent down payments.”

FHA — the Federal Housing Administration — has increased its mortgage insurance coverage since the housing bubble burst in 2007 and subprime loans evaporated…”

Read more of Union Tribune’s article here: “FHA aid to high-priced homes should drop”.

Buying is winning the lottery

With the current residential real estate market for buyers in the throngs of a literal feeding frenzy, due to the rising infestation of investor buyers, the buyer looking to buy a home for their family to live in is having massive competition.

While inventory is currently contracting and sales are on the rise, six months from now we will know for sure if the market will be positive–meaning that values will finally be officially on the rise. There are some areas that are seeing an increase in values.

I have several listings that range in the low price ranges of $200’s, to $600K — and  these are seeing multiple offers from investors and owner-occupied buyers.  This makes it tough on the buyer purchasing for a family as a first-time buyer who do not have a lot of money to put down. There are up to 10 offers in a matter of a few days on almost all properties now.

This scenario should continue making this a very frustrating time for the first-time,  FHA government & conventional low down payment, or Military Veteran no down payment buyer. This group has to compete with the “all-cash” and 20%+ down payment conventional loan buyers, who usually win due to the restrictions on condition of property by the government loans like FHA and VA, or the low down conventional investor guidelines.

So, how does the low-money-down buyer get in a position to win the property for the buyer who has to compete with the big money buyer? Make sure you are interviewing your perspective agent on how this process will be handled. In this market, this is necessary not only for sellers, but also for buyers. Repairs or a price reduction in a short sale can be done and I can show you how.

Experience is GOLDEN!! Properties having no equity to several liens, a bankruptcy, etc. will not close with an average or most experienced agents, whether representing a buyer or a seller. I have helped several listing agents while I represent a buyer get the property sold in these scenarios.

Whether buying or selling, you owe it to yourself to call me now. The time is now to buy and you will have the most success and satisfaction with the agent who can maneuver through the maze while leveraging you the best deal. I am here to serve you to make sure you WIN the LOTTERY!

Thank you for reading and God Bless.