Revealed: 7 San Diego Down Payment Program Secrets for 2021
✍️ In this video I break down 7 secrets of my #1 Down Payment Assistance program in San Diego for 2021.
✍️ This is an awesome home loan program for those that make a good to great income, have a pretty decent credit score, yet need some help with their down payment and closing costs.
The 7 main secrets are:
- Do you need to be a first time home buyer?
- What is the max income allowed?
- Do you need to have perfect credit?
- What cities or zip codes work?
- Is this *just* for low income?
- When are you allowed to sell?
- Am I allowed to use this program again?
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Here's the 7 secrets:
➡️ Secret #1 – You do *not* need to be a first time home buyer. A first time home buyer is someone who has never owned a primary residence and/or not in the last 3 years. No worries with this program - doesn't matter.
➡️ Secret #2 – You can make an *unlimited* amount of income. You can make $20K, $100K, $500K a month, it does not matter.
➡️ Secret #3 – You do *not* need to have perfect credit. And, no one does by the way. But, certainly not with this. And, don't rely on Credit Karma for your scores! They are *not* the ones I use. When you apply with me, I pull your credit, and we use your middle score - or, if it's you and a co borrower - we use the lowest middle score. The lowest middle allowed has ranged from 580 to 620.
➡️ Secret #4 – It’s not property, address or zip code specific. Those programs are a nightmare. As long as you live in San Diego, that's all that matters. You can live in Borrego, or Del Mar, or Oceanside, or Santee, or Otay Mesa - anywhere in the county is fine.
➡️ Secret #5 – This is *not* limited to those with little income, low income, or specific government programs. You don't need to be on Section 8 or any kind of "special list". This is for regular people, with full time jobs, and decent credit.
➡️ Secret #6 - There are no limitations on when you can sell. As long as you buy it to live in it (aka primary residence) it is *your* place to do with as you please. So, if you want to sell in 12, 24, or 36 months you can, no restrictions.
➡️ Secret #7 - There are no limitations on how many times you can use this program. So, if you have used this program, or another like it before, as long as you qualify, you may use it again with no strings attached.
➡️ Bonus! Secret #8 – You do *not* need to provide any additional paperwork for a down payment assistance loan versus non. All you need to start is: copy of drivers license, copy of your social security card, last 30 days paychecks, last 2 months bank statements, last 2 years taxes and W2 (and if you do not have you can grab free here).
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 at Scotts Loan App.com. If it's just you - then you fill it out just for yourself. If you are married - it's you and your spouse (regardless if they work or not, their income, their credit, etc.) If its you and a co borrower - then you both fill it out.
2) Once you are completed I will get an email it was done, and will look everything over to make sure the application is looking good and its a possibility.
3) Then, I will email you out all the documentation we will need (cough. Look above) and you will gather all of those and either upload back into your loan application portal or email to me in one email.
4) Once I have received your application completed, and all of your needed documents, I will run your credit, send your way to review, and put together your loan. All of this can be done within a few hours - just dpends on how fast you do the application and provide me the documents I need.
Here's more DPA videos and info below:
❓ Of course, should you ever have any questions at all, you can shoot me a text/call, email, or contact me here.
Your DPA Insider,