📝 In this video I lay out my most popular home loan product - that has been updated - and, made better than ever.
📝 And, it potentially works for anyone looking to buy in San Diego with a purchase price of $725,000 or less, that makes a great income, has decent credit, yet doesn't have the money for a down payment or closing costs.
📝 Please keep in mind these details are accurate as of July 2020 (the date of the video you are watching) and will be updated every few months or so - or, when needed. (Please note: All facts and numbers are still accurate as of late September...)
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📝 Want the details?
👉 Good, here they are:
✔️ You do not need to be a first time home buyer (You can be a first time home buyer or owned before - it does not matter)
✔️ This is for owner occupied (that means you need to live in it - can't be used as a second home, vacation home, investment property, or the like.)
✔️ You can get up to 103% financing - that means it covers the down payment, mortgage loan, as well as up to 3% of your closing costs.
(Generally speaking for this loan buyers closing costs are 4.5% - so, we can ask the seller to pay the difference in our offer).
✔️ This can be an FHA or conventional loan (Keep in mind if we go FHA, and it's a town home or condo, it needs to be in an FHA approved complex - you can see those here).
✔️ You need a minimum credit score of 660 (Don't rely on Credit Karma, Credit Sesame, or the Boogie Man. When you fill out an online application, and I run credit, we use that.) This minimum credit score needed has ranged from 620 to 680.
✔️ We can go up to a $725,000 +/- sales price.
✔️ We can go up to a 55% debt to income ratio with an FHA loan (If you add up your minimum monthly debts on your credit report + future housing payment / average gross income = debt to income ratio)
✔️ There is no max income. (That means you can make $5 million a year and still qualify. It does not matter.)
✔️ This works on a home, town home, PUD, or condo (no manufactured, mobile, 2/3/4 units.)
✔️ Basic documentation needed from you - drivers license, latest 30 days paychecks, last 2 full months bank statements - all pages, latest statement for any stocks, 401(k), retirement, etc, and last 2 years taxes and W2 (if you do not have - get completely free at the IRS website here).
👉 Here's the 3 most common questions answered in the video:
✔️ How much actual money will I need out of pocket for everything?
✔️ What will my payments be for "X"? (I detail an easy way to figure out ANY sales price)
✔️ What if I have been recently laid off or furloughed?
👉 Here's your steps to begin:
✔️ Fill out my online application in 10 minutes or less at www.scottsloanapp.com
✔️ Once complete, log back in, finish application, and upload your needed documents
✔️ I will be alerted, check everything over, run your credit, review, and contact you about best scenario.
👉 Here's more DPA videos below:
📝 Feel free to leave any comments or questions below.
📝 Or, shoot me a text or call to (760) 297-4539
Your DPA Insider,
5 San Diego Down Payment Assistance Secrets Revealed!