Hope Leitner, Realtor®, CRS

  Mortgage rates   have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at  Freddie Mac ,  says : “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment. The chart below shows what a  monthly payment  (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now ( see below ): Going from  7.5%  just a few months ago to the low 6s has a big impact on your bottom line. In just a few mo

Eligible borrowers are Active-Duty Military, Veterans and widowers of Veterans not re-married  100% financing in San Diego up to $546,250  No mortgage insurance on the loan  VA funding fee is waived if borrower is collecting 10% or more disability from VA  Minimum credit score of 580 and above to qualify  Loan amounts up to $1,000,000. Down payment is 25% of the difference over $546,250  May re-use VA Certificate of Eligibility over and over again throughout your lifetime, usually on just one house at a time  Up to 4% Third Party Concessions allowed. All or part of that may be used for debt reduction to qualify  Condos must be on the VA Approved Condo List. No condo cert needed and we don’t ask about litigation, budget, reserves, owner-occupancy, etc…  Seller does NOT need to pay any of the buyer’s closing costs  Pest Inspection must be paid for and provided by the Seller. Repairs are negotiable as far as who pays for them. Buyer can pay for them but it must not interfere w