Israel Labra is a retired Normal Heights resident looking to purchase his own home in San Diego. He, like many others, realized that buying a home in San Diego can be difficult.
“It’s a very high-demand market with low inventory so even though rates are higher we’re not seeing prices coming down,” she said.They are not coming down despite the new construction in our area in 2023, according to the State Department of Finance. 5,720 new homes were built in the city of San Diego and more than 10,000 throughout the county, which during that same span grew its population by 678 people.
She also explained that a good buying plan includes a credit score of at least 740 to get the lowest interest on your loan. You must have a minimum down payment of 3.5% of the cost of the house. Remember that the more you can give, the more you will save in interest in the long term. Also, keep in mind that you will pay 1-2% for the closing costs.
González assured us that it is in your best interest to first explore all your options, resources, and government programs that could help you buy your first home.