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First Time Home Buyers


This past week, we are asked to assist a first-time homebuyer (Love working with first time buyers!!) with financing the loan on their first home. They needed a low down payment, so we suggested FHA financing. FHA requires only a 3 ½ % down payment, and allows loans up to $756,600.00. Further, the entire down payment may be in the form of a gift.


All of the above was very good news to our buyer, but the best news was yet to come. FHA interest rates have dropped dramatically in recent weeks. Currently, you can get an FHA loan at ONLY 2.875%. That’s for a 30 year fixed rate loan. Have never seen interest rates this low! In the last several months, rates had been as high as 3.75%. To give you some perspective, for a $500,000.00 loan, the difference in payment would be $240.00/month. Conversely, you could borrow $557,000.00 and have the same payment you would have had at the higher rate. Or, you could buy much more home for the same payment. Maybe get that extra bedroom or the attached garage or yard that you didn’t think you could afford.

We have been seeing rent rise dramatically in recent years. Isn’t it time to consider purchasing, especially in view of our amazing low interest rates. Time to stop helping your landlord build wealth and help yourself.


Please pass this on to any first-time buyers, or anyone ready to make a move. You don’t have to be a first-time to take advantage of these great interest rates.

Please call 949-415-8344 email ruth@ruthbrunorealestate.com, or through Instagram @RuthBrunoRealEstate for all your real estate needs.

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RUTH BRUNO   --   DRE # 02076443

24851 Del Prado, Dana Point, CA 92629

25950 Acero #100, Mission Viejo, CA 92691

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