San Diego's #1 3% Down Conventional Home Loan Secrets Revealed for 2021

(Please note, this video was created prior to 2021 - but, these loan amounts, and loan details below, have been updated for 2021...)

✍️ In this video I reveal some secrets of the 3% down Conventional Mortgage Loan in San Diego you might not be aware of.

✍️ This mortgage loan is great for anyone that wants to put down as little as 3%, get a loan amount up to $548,250, or put down as little at 5%, and get a loan up to $753,250 and take advantage of record low interest rates.

In this video I cover:

  • If this can be combined with my DPA program or not...
  • If there's limitations on townhomes/condos you can own...
  • The max loan amount possible...
  • If it's possible to buy with a foreclosure or short sales on your credit report...
  • How you can get closing costs covered by the lender...
  • and more. 

✍️ If you are finding value from this video, I would really appreciate if you could smash that like button, subscribe to get more hard hitting videos just like this, and tap that notification bell so you know when a new video comes out.

Here's the Main Secrets:

➡️ Secret #1 - You Can Combine With My Down Payment Assistance Program

The great thing about the Conventional Loan - is that if you *do not* have a down payment yourself - you can either get a gift from: parents or another relative, an employer, an approved charity group, or a government home buyer program.

My #1 down payment assistance program will cover your 5% down payment, up to a $753,250 loan amount so, that limits your cash out of pocket.

➡️ Secret #2 - Unlike USDA, FHA, and VA - You are *Not* Limited On Town home/condo Purchases

If you are buying a townhome/condo in San Diego - and you use a USDA, FHA, or VA Loan - these need to be on their own specific lists of being approved.

The great news for the Conventional Loan, when buying a townhome/condo - you can buy wherever you want - no lists needed.

➡️ Secret #3 - You Can Buy Up To a $753,250 Loan Amount

The loan limits in San Diego have increased several times over the last many years - and now, they are higher than ever which is great news if you have a limited down payment.

You can put down 3% up to a $548,250 Loan Amount.

And, you can put down 5% from the $753,250 Loan Amount.

➡️ Secret #4 - You Can Have a Short Sale, Foreclosure, or Bankruptcy on Your Credit

You can still buy even if you have had credit issues in the past. It's 7 years for a foreclosure, 4 years for a Chapter 7 bankruptcy, and for a short sale it's as little as 2 years.

➡️ Secret #5 - You Don't Need Money For Closing Costs

If you are spending every last dime for the down payment, and have nothing left for closing costs, don't worry. We can ask the seller to pay those, use a lender rebate (video explains), or a combination of them both.

Here's the cash out of pocket you can expect:

➡️ Deposit - You should count on putting between 1% to 2% of your sales price - as your deposit into escrow - within 3 days of your offer being accepted. This is totally negotiable between the buyer (you) and the seller. I have helped clients with as little as $500 into escrow. But, keep in mind with the low inventory in San Diego, and lots of offers on each property, that's not a likely scenario. 

Please keep in mind this is 100% refundable - if it's not used and refunded back at the close of escrow. 

➡️ Home Inspection - You *should* use a licensed home inspector to check out the property to understand the kind of shape it's in. Do you HAVE to? No, just highly recommended. Depending on if it's a home or townhome/condo it will be somewhere around $250-$500 +/-. 

Keep in mind - you can choose to inspection anything you want. The roof, septic, plumbing, electrical, pool, spa, foundation, etc. 

➡️ Home Appraisal - You will need to get a home appraisal on the property since you are getting financing. You pay this directly to the appraiser. This has nothing to do with the buyers agent (me), the listing agent, the seller, the lender, etc. This will be around $500 +/- depending on if it's for a conventional or FHA loan. 

My offer to you: If you use my services for the real estate and loan I will credit towards your closing costs at the close of escrow whatever you spent on your home inspection and appraisal as my way of saying "thank you" for utilizing my services. 

Basic documentation needed from you (or you and co borrower):

✔️ Copy of your drivers license (screen shot is fine)

✔️ Copy of your social security card (screen shot is fine)

✔️ Last 30 days paychecks (you should get these from your employer via email and PDF each time you are paid). 

✔️ Last 2 months bank statements - all pages (You just log into wherever you have a bank acount online and save the last 2 months via PDF.)

✔️ Last 2 years taxes and W2's - If you do not have them you can get them from the IRS website here

✔️ Latest statements if you have anything like: 401(k), retirement, stocks, bonds, mutual funds, etc

✔️ If you are self employed we will need last 2 years taxes and W2's (if applicable) as well as year to date profit and loss sign and dated (you can do this - doesn't need to be a CPA). 

✔️ We can potentially need more depending on this like: pay or collect child support, have been divorced, have had a short sale or foreclosure, have filed bankrupcty, have rental properties, etc. 

Here's your steps to begin:

1) Fill out my online application in 10 minutes or less at www.scottsloanapp.com

2) Once complete I will be alerted, check everything over, send you out a list of needed supporting documents, and clarify anything if needed

3) Once I get the needed supporting documents from you I will double check th application, your needed supporting documents, pull your credit report (it's currently $38 +/- and I pay for that), and get back to you with best scenarios.

Here's more San Diego conventional home loan videos below:

What do you think?

Leave me a comment below – or, contact me here

Your San Diego 3% Down Conventional Insider,

Scott

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