In this video I lay out the minimum down payments needed for the different loans types in 2020.

And, let me be very clear. 

These are the *minimums* needed down. 

-> Potentially, could it make more sense to put down more, to have a lower payment? Sure. 

-> Potentially, in order to qualify, in terms of debt versus income ratios, would you need to put down more? Sure. 

-> Potentially, if you were going with a jumbo loan, and wanted to buy out the mortgage insurance, could you put down more? Sure. 

Obviously, there's no one size fit all in mortgage loans, and each individual situation is different -

... but, let's rock out the minimums down below. 

-> Down Payment Assistance - As the name suggest, the minimum down needed is nada (from you), and you get the needed down payment covered via a loan. (And, we can even get the seller and/or a loan to cover your closing costs too!) 

-> VA Loan - If you were in the military, or are now, you can get a VA loan with $0 down payment. (And, we can even get the seller and/or use a lender rebate to cover your closing costs as too!) 

-> USDA Loan - If you want to buy in rural areas of San Diego (think Ramona, Julian, Campo, Santa Ysabel, etc) you can get a USDA loan with $0 down payment. (And, we can even get the seller and/or use a lender rebate to cover your closing costs as too!)

-> Conventional Loan - For a loan amount up to $510,000 you can put down just 3% for a conventional loan. (And, we can even get the seller and/or use a lender rebate to cover your closing costs as too!)

-> FHA Loan - For a loan amount up to $700,000 you can put down just 3.5% for an FHA loan. (And, we can even get the seller and/or use a lender rebate to cover your closing costs as too!)

-> Jumbo Loan - Anything above the $510,000 loan amount as a conventional, or $700,000 as an FHA, would be a Jumbo loan. I can do a Jumbo loan, up to $3 million, with just 5% down. (And, we can even get the seller and/or use a lender rebate to cover your closing costs as too!)

-> Self Employed - If you are self employed, we are using bank statements, you have assets, etc - the minimum down is usually 5-10% depending on the situation. (And, we can even get the seller and/or use a lender rebate to cover your closing costs as too!)

You can apply online, in 15 minutes or less, 24/7 at:

http://www.ScottsLoanApp.com

Feel free to leave your comments below. 

Or, text/call me at (760) 297-4539

Your Minimum Down Insider, 

Scott

7 "Did You Know" San Diego Loan Secrets Revealed!

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