Buy downs and other discount are being offer at local new home builders in the San Diego community. With the local real estate market being sluggish, some local area new home builders are offering a variety of financial incentives to spur sales some of which sound almost too good to be true.
Shea Homes offered a 1.875 interest rate for thefirst year on a 30 year fixed rate mortgage. That's a full two points below a 3.875 percent mortgage Shea was offering a few months earlier one eight Chula Vista homes and better than last weeks lowest mortgages for 30-year fixed at about 4.78 percent.
The latest offer applied to buyers who qualified for a mortgage insured by the Federal Housing Administration (FHA) at select Shea sites. A key requirement to get Shea's hard to believe mortgage rate is going through Shea Mortgage the mortgage brokerage unit of Walnut-based J.F. Shea Co. This particular incentive is know as a rate buy down. This rate is fixed for the first year and then in the second year it will change, to 2.875, then in the third it will be @ 3.87 for the rest of the loan.
Other local new home builders are offering incentives on:
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Paying off local bonds.
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Discounting upgraded features for their homes.
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Some builders offer exotic trips, new cars etc.
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Cash credit incentives, that can be applied to the purchase of the new home.
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Paying closing cost.
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