San Diego's #1 3.5% Down FHA Home Loan Secrets Revealed in 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 break down some important secrets you might not know of the 3.5% down FHA Loan right here in San Diego.

✍️ This mortgage loan is great for anyone that wants to put down as little as 3.5%, get a loan amount up to $753,250, and take advantage of record low interest rates

In this video I cover:

  • If this can be combined with my #1 DPA program...
  • If it's possible to qualify with a "low" credit score...
  • The minimum down and max loan amounts possible...
  • Whether it's location specific (much like the USDA loan)...
  • The soonest you are able to refinance after purchase...
  • 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 Secrets:

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

The great thing about the fha 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 3.5% down payment - so, that limits your cash out of pocket.

➡️ Secret #2 - You Can Have a Lower Credit Score Than a Conventional Loan

You do not need to have "perfect" credit for an FHA loan. In fact, going with an FHA loan will allow you to have had a bankruptcy, foreclosure, short sales, dings on your credit report, and have a lower middle credit score than what a conventional loan will allow.

➡️ Secret #3 - You Can Put Down Just 3.5% Up to a $753,250 Loan Amount

So, unlike a conventional loan that will only allow you 3% down up to a $548,250 loan amount - and FHA loan will allow just 3.5% down up to a $753,250 loan amount - that's over $200,000 *more* for a sales price.

➡️ Secret #4 - It's Not Location Specific

Unlike the USDA Loan where you need to live on the outskirts of San Diego county - going with an FHA loan means you can buy anywhere you want. Just keep in mind you need to live in the property, it's livable (no fixers), and if you are buying a townhome/condo - it needs to be on this list.

➡️ Secret #5 - You Can Refinance to a Lower Rate within 7 Months

If it so happens that mortgage rates have dropped since you bought - if you make 6 consecutive payments, 210 days have passed since your last loan closed, and you have not missed a mortgage payment - you might be primed and ready to go to do an FHA Streamline refinance.

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

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 FHA home loan videos below:

SD 3.5% Down FHA Loan Details

SD 3.5% Down FHA Loan Secrets

SD 3.5% Down FHA Loan Q & A

SD 3.5% Down FHA Loan Needed Documents

What do you think?

Leave me a comment below – or, contact me here

Your San Diego 3.5% Down FHA Insider,


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