San Diego's Best Purchase Home Loans in 2021
(Please note: This video was created prior to 2021 - but, these new higher loan amounts have been updated for 2021...)
In this video I want to break down the best purchase mortgage loans in San Diego including:
Getting up to 103% financing using Down Payment Assistance...
Buy using $0 down using a USDA loan if you want to live in the countryside of San Diego...
Buy using a $0 down VA loan if you are a veteran or serving now in the military...
Buy using 3% down to buy using a Conventional loan if you have good credit...
Buy using 3.5% down using an FHA loan if you are looking for a higher loan amount...
Buy using 10% down if you are buying using a Jumbo loan which is above that $753,250 loan amount (2021 update)...
Buy using 10% down if you are outside this normal box - maybe you are self employed, want to use assets, or bank...
First - a story.
I have been working with clients that saw one of my videos on the different mortgage loan options in San Diego - and, they were amazed.
They had no idea so many loan options existed - as they had been dealing with their local Credit Union - and, the representative there didn't mention anything about Down Payment Assistance, or the Bank Statement Loan, or how to structure offers where you can get the seller to pay closing costs, use a lender rebate to pay closing costs, and even get a closing cost assistance loan if needed.
Of course, I said - it's very simple.
You walk into a Credit Union, or Bank, and you deal with just that Credit Union, or Bank.
They present just their loan products, no more, no less.
You are a retail client, get retail rates, retail fees, and work with mortgage professionals that have no real world mortgage and real estate experience outside pushing papers around for a paycheck, during the Credit Union or Banks working hours.
They have a box, and they work within that box.
When you work with me - I bought my first property at the age of 21, owned 35 by the age of 30, in several different locations including: San Diego, Riverside County, Argentina, Brazil, Nicaragua, and Panama.
I am approved with something around 40 different wholesale lenders - so, I have access to much more than 1 Credit Union or Bank will.
Do you want just 1 Bank or Credit Union's purchase loans - or, access to 40 different wholesale lenders with 40 *times* the options?
You become a wholesale client, get wholesale rates, get wholesale fees, and work with a real estate and mortgage professional that knows the in's and out's from actually doing versus just pushing around paperwork for a paycheck.
I don't even know what a box is.
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Without further ado - let's just into the top purchase mortgage loans in San Diego...
This loan is ideal for anyone who has decent credit, has a great income, but doesn't have the 3% down needed for a conventional loan or the 3.5% down needed for an FHA loan.
This is a State program so you can live *anywhere* you want in San Diego (unlike all the other local government programs), can get up to 103% financing (which covers your down payment, loan, and up to 3% of closing costs), can buy up to a $753,250 loan amount (2021 update), limit your cash out of pocket, and take advantage of the lowest rates right now ever recorded for this loan.
If you think the Down Payment Assistance option might be best for you - watch my video, see the detailed post, and become a DPA expert...
This loan is perfect for anyone that wants to live in the countryside of San Diego (check locations here). These are great places such as: Fallbrook, Bonsall, Pauma Valley, Valley Center, Ramona, Julian, Campo, etc.
It's a $0 down loan, has a low upfront loan guarantee (much lower than FHA), has low mortgage insurance monthly (much lower than Conventional or FHA), does *not* have a max sales price limit, and the lowest rates right now ever recorded.
If you think the USDA Loan might be best for you - watch my video, see the detailed post, and become a USDA loan expert...
This loan is awesome for anyone that has served in the military, or is serving now. There are no limitations to where you can live in San Diego - just keep in mind if you are buying a town home/condo - it needs to be on this VA approved list.
It's a $0 down loan, also has a very low upfront VA funding fee, has *no* mortgage insurance monthly (like the USDA, Conventional, and FHA loans do), also does *not* have a max sales price limit, and the lowest rates right now ever recorded.
If you think the VA Loan might be best for you - watch my video, see the detailed post, and become a VA loan expert...
This loan is intended for those that want to live anywhere in San Diego, have the 3% needed to put down, have good credit, and wants the ability to buy a home, town home, or condo with no limitations.
It's a 3% down loan up to a $548,250 loan amount (and 5% down from the $510,400 loan amount up to the $753,250 loan amount), has no upfront mortgage insurance (unlike the USDA, VA, or FHA), has lower mortgage insurance than an FHA loan, and potentially a lower monthly mortgage payment as well.
If you think the Conventional Loan might be best for you - watch my video, see the detailed post, and become a Conventional Loan expert...
This loan is perfect for borrowers that want the ability to live anywhere in San Diego, have the 3.5% needed to put down, have at least okay credit, and want the ability to have a higher sales price possible than the Conventional Loan.
It's a 3.5% down loan up to a $753,250 loan amount (almost $200,000 more than a conventional loan), allows a higher debt to income ratio (DTI) than the Conventional or USDA Loan, and allows borrowers with less than perfect credit (maybe a bankruptcy, foreclosure, or short sale) to buy at historically low interest rates.
If you think the FHA Loan might be best for you - watch my video, see the detailed post, and become an FHA Loan expert...
If you are looking to buy in San Diego needing a higher loan limit than $753,250, still want to put down as little as possible, have great credit, this loan is for you.
It allows a down payment for as little as 10%, is intended for loan amounts above the $753,250 limit (which most are in San Diego), and I have wholesale lenders that do *not* need as many months of assets as all the big banks do (the corrupt ones like Chase, Wells, B of A, and Citi).
If you think the Jumbo Loan might be best for you - watch my video, see the detailed post, and become a Jumbo Loan expert...
San Diego 10% Down Outside the Box Loan (coming shortly)
This loan is intended for those outside the boxes listed above. Maybe you can put down more money, maybe you are self employed, maybe you have more assets, maybe you want to go with a bank statement program.
It allows a low down payment of 10%, you need to have good credit, the ability to use personal or business bank statements, have interest only loans, and more outside the box thinking than the loans above.
If you think the Outside the Box Loan might be best for you - watch my video, see the detailed post, and become a Outside the Box Loan expert (Link coming shortly).
What do you think?
Do you have any questions on these loans, want to run some ideas past me, or have a quick call?
Leave me a comment below – or, contact me here.
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