Jeff Stearman | San Clemente Real Estate, Dana Point Real Estate, San Juan Capistrano Real Estate


Perhaps one of the most challenging things about buying a home is saving for the downpayment. Collecting such a large sum of money can be difficult. The truth is that most buyers actually think that they need more than they actually do to buy a home. The downpayment doesn’t need to be a barrier to your path to homeownership. There are so many programs that offer low and even no down payment home loans. Read on to learn more about down payments and programs that can help you. 


First, let’s look at what a down payment is and how it can help you. If you put 10% down on a $200,000 home that’s $20,000. The downpayment minus the purchase price of the home is $180,000, and that's how much your home loan will be. The more money you can put down on the house, the lower your home loan will be and the lower your monthly mortgage payments will be. A large down payment can indeed save you in the long term. If you’re looking to move into a home sooner rather than later, saving a considerable sum isn’t always possible.  


Low Downpayment Mortgages


You need to decide what type of home loan you need by the amount of downpayment you’re willing and able to put down. Some benefits go along with making a down payment, but there are some negatives. 


By making a substantial down payment you may despite your savings, leaving little money for emergencies. Your mortgage rate may not be affected by a large downpayment either. It can be hard to decide what type of loan to get and just how much you really can afford.  


FHA Loans


FHA loans are among the most popular type of home loans. The downpayment that’s required is just 3.5%. The requirements are simple, and you don’t have to be a first-time homebuyer to qualify. 


The drawback to an FHA loan is that you cannot cancel the monthly mortgage insurance that comes along with it unless you refinance the home. Traditional mortgage insurance is canceled when you have built up 20% equity in the house, but this isn’t the case with FHA loans. 


Another positive about FHA loans is that your credit score doesn’t have to be stellar in order for you to qualify. Some lenders approve FHA loans with credit scores as low as 580. 


VA Home Loans


Buyers who have current or former military service status can qualify for this zero down mortgage. These loans are benefits to veterans and current members of the Armed Forces. While no downpayment is required, buyers may put down any amount they wish. The only requirements are that buyers be members of the military either currently serving for 90 days or two years of active duty service if not an active member.   


The above options are great for those who can’t afford or don’t wish to put down large down payments but still hope to be homeowners. 



Great Harbor Lane Community - Detached Home under 2 miles to Famous Doheny Beach and the Dana Point Harbor! Great opportunity to own this lovely 3 Bedroom 2 Bath Home on a desirable cul-de-sac! Upgrades include wood & tile flooring, freshly painted interior, and a cozy fireplace in the Living Room. The kitchen offers granite counters, beautiful custom cabinetry, new appliances, stainless sink & a skylight! The living & dining room open up to the relaxing patio which includes a covered area complete with twinkling lights & landscaping. There is a custom painted mural of the coastline view beyond that adds to the peaceful feel. Upstairs you will find all 3 Bedrooms and the 2nd Bathroom. The Master Bedroom offers dual closet sections with custom cedar, wood floors, and a lighted ceiling fan. The additional 2 bedrooms have wood floors and new mirrored closet doors. The attached 2 car garage has a built-in pantry, and a large work bench area, plus an additional sink and storage. The HOA offers a Club House, pool, lovely park grounds, exterior paint & a RV/Boat storage area (low fee & subject to availability). Low HOA & No Mello Roos tax. Enjoy the nearby Walk/Bike Trail that leads to the Beach or to downtown San Juan Capistrano & the Mission! Near-by are excellent schools, shopping, dining & World Class Resorts! Hurry on this one…you will love this Coastal Lifestyle!

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25721 Paseo Colonial, San Juan Capistrano, CA 92675  

Residential
$645,000
Price
3
Bedrooms
2/1
Full/Half Baths
Great Harbor Lane Community - Detached Home under 2 miles to Famous Doheny Beach and the Dana Point Harbor! Great opportunity to own this lovely 3 Bedroom 2 Bath Home on a desirable cul-de-sac! Upgrades include wood & tile flooring, freshly painted interior, and a cozy fireplace in the Living Room. The kitchen offers granite counters, beautiful custom cabinetry, new appliances, stainless sink & a skylight! The living & dining room open up to the relaxing patio which includes a covered area complete with twinkling lights & landscaping. There is a custom painted mural of the coastline view beyond that adds to the peaceful feel. Upstairs you will find all 3 Bedrooms and the 2nd Bathroom. The Master Bedroom offers dual closet sections with custom cedar, wood floors, and a lighted ceiling fan. The additional 2 bedrooms have wood floors and new mirrored closet doors. The attached 2 car garage has a built-in pantry, and a large work bench area, plus an additional sink and storage. The HOA offers a Club House, pool, lovely park grounds, exterior paint & a RV/Boat storage area (low fee & subject to availability). Low HOA & No Mello Roos tax. Enjoy the nearby Walk/Bike Trail that leads to the Beach or to downtown San Juan Capistrano & the Mission! Near-by are excellent schools, shopping, dining & World Class Resorts! Hurry on this one…you will love this Coastal Lifestyle!


2500 Glenneyre Street, Laguna Beach, CA 92651  

Land
$850,000
Price
Panoramic ocean view from three contiguous lots located in the cozy Woods Cove neighborhood. Located two blocks from the beautiful beaches of Laguna. These three lots total over 9100 square feet. Close to Victoria Beach and restaurants!



This listing recently sold for $520,000.

16220 Retreat Court, Chino, CA 91708  

Residential
$525,000
Price
$520,000
Sale Price
5
Bedrooms
3
Baths
Spacious 5- bedroom home built in 2015 located on a desirable cul-de-sac in the Preserve Community. This turnkey home offers high ceilings and lots of windows to let the natural light in. Incredible floor plan with a great room, dining area, main floor bedroom and bath. The chef’s kitchen features white cabinetry, granite counter tops, stainless steel appliances and a walk-in pantry. Upstairs boasts a Master Suite and a large master bathroom with separate shower, soaking tub, dual sinks and walk-in closet. There are 3 additional bedrooms, one full bath, laundry room and a cozy loft. Also features recessed lighting, ceiling fans, central air, two car garage and nice size low maintenance yard. Amenities include a clubhouse with swimming pool, spa, gym and parks. Close to schools, shopping and freeway access.




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