Dozens of locals joined the conversation on Thursday on NBC 7’s Consumer Connection Facebook page about home buying in San Diego County.
Topics that arose include seeking financial assistance to cover hefty down payments for local housing prices, finding an experienced lender and pinpointing the best location to buy.
The Facebook group chat involved three local financial and realtor experts who were on hand to answer questions on Thursday afternoon.
The San Diego’s Consumer Connection Facebook group now has more than 280 members since its recent launch. It’s part the NBC 7 Responds franchise spearheaded by Bob Hansen and producer Tom Jones, and aims to provide a forum where all San Diegans can ask questions and seek input on local consumer topics.
The issue of home buying in San Diego is a timely one: On Friday, the National Association of Realtors reported that March was the hottest month for home buying in 10 years.
In the Facebook chat, many said they were first-time home buyers and wondered about assistance to cover the 3 to 3.5-percent down payment that’s often required of home purchases.
“There are down payment assistance program but you can also be gifted money from family as well. The seller and lender can also help with covering closing costs,” responded Daniel Williams, a real estate and mortgage consultant.
Others wondered if they could bypass down payments altogether.
“Can I buy a house with no down payment or that is not an option?” Martha Lara asked.
"If you are a veteran you can do a no down payment. In addition, some lenders have 3 percent down, with 2 percent of that being given by the lender so the net is 1 percent down. Some creative stuff is coming back so keep looking,” Williams said.
Where are the best places in San Diego County to buy?
Our experts on hand recommended Spring Valley, El Cajon and Lemon Grove as areas that are less expensive but boast quality homes.
Request to join the Consumer Connection Facebook group to receive tips for more consumer topics.