How Much Money Do I Need Down For a San Diego Mortgage in 2021?
(Please note: This was transcribed below and might not be the best word for word transcription.)
Hey, what’s going on?
Scott Taylor with sandiegorealestatehunter.com, licensed in the City of California for both real estate and mortgages with an emphasis on San Diego.
Now, there is a common question that people call me and text and e-mail and says,
“Hey, how much money do I actually need to put down to get a regular mortgage?” because there's a lot of misinformation out there.
So, I wanted to shoot a quick video to kind of break it down.
And let’s use this for San Diego as a for instance, so we have some hard numbers, so you know what to do.
If you go with a V.A. loan and you're a veteran, active or past, you can go zero down.
Probably the best loan that you could do, is a V.A. loan.
Besides that, you can do what’s called a U.S.D.A mortgage; if you bought in [Fall Brick] of [Juliet] or Ramona or Santa Isabel.
You can also go zero down for that.
Now, from there, we can go conventional as low as three percent down.
Now, this will be a little confusing but as low as three percent down on conventional, up to the four twenty four one hundred loan amount.
From that up to the six forty nine seven fifty, is called High Balance or Super Conforming.
For that, you would put down five percent.
Now, let’s go to F.H.A. If you're going with an F.H.A. mortgage, you can put down as low as three point five percent down.
What’s great about the F.H.A, is that you could actually go up, member on Conforming or Conventional.
It was up to that four twenty four one hundred, at three percent and that six point seven fifty, was five percent.
If you go F.H.A, you could put down three point five percent down, up to all the way to six forty nine seven fifty.
What that really means is, according to math, that you could buy a place probably plus or minus six hundred and seventy five thousand dollars if you go F.H.A and only put down three point five percent.
Now from there, you can do what's called a Piggyback Mortgage, where you have let's say five percent down, you have your super conforming first and you have a small second.
Your small second might be a second loan or a home equity line of credit; that's called a Piggyback, so, that’s five percent down.
Now, from there, you might do something like a… [Brain fart].
You might do something like a [inaudible 00:02:46] loan, right.
It can be as low as five percent; usually though, you want to put down a minimum of something like ten percent down from a jump up.
Now, don't forget I didn't include things like the… [Just F.A. platinum], which is zero down or a big the [cow H.F.A], which is zero down, I didn’t include anything like the M.C.C. pass price because this was just for the regular loans.
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