What Paris Hilton Didn't Do Today
When buying a home, most folks aren’t like Paris Hilton who can purchase her 
home all cash….
Most of us need loans when we buy San Diego real estate. And here are the challenges that we are currently facing:
- Have at least 10% down, in many cases 20%
- A credit score of 720 or higher
- Mortgage, insurance, and property taxes not exceeding 31% of your gross income
- No more than 41% of your gross income goes to debt of any kind
There are some exceptions, stay tuned for our next blog post about FHA loans and loans on second homes.
Unless you are like Paris Hilton and you can afford to buy your San Diego home all cash, your first step before even going shopping is to get a pre-approval letter from a loan officer who checks your credit score, income and assets. Make this part fun! It’s when you get to find out how this process works.
Have questions? [email protected] I’ll put you in touch with the right loan officer for you.
Searching for the right real estate in San Diego in the meantime? Click here
lending is still going strong and getting better…lenders have started bringing their programs back. Email me to learn more about the 5% down conventional loans (condo’s too)
lending is still going strong and getting better…lenders have started bringing their programs back. Email me to learn more about the 5% down conventional loans (condo’s too)
Krista,
An excellent assessment of the current mortgage market and home financing. Keep up the good work.
VL