San Diego's #1 0% Down USDA Home Loan Needed Doc's 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 the needing supporting documents for the $0 down USDA mortgage loan right here in San Diego.
✍️ This mortgage loan is great for anyone that wants to live on the outskirts of San Diego (think Fallbrook, Pauma Valley, Ramona, Julian, Palomar Mountain, Campo, etc), doesn't have a down payment, extremely low interest rates (think low to mid 2's), and lower monthly mortgage insurance than an FHA or conventional loan.
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Basic documentation needed from you (or you and co borrower):
✔️ Drivers License (Can be a smart phone screen shot)
✔️ Last 30 days paychecks (I bet you get these via PDF and email from your work)
✔️ Last 2 full months bank statements (log into any checking or savings you have online, save via PDF, done)
✔️ Last 2 years tax returns and W2’s (If you do not have - get free online https://www.irs.gov/individuals/get-transcript)
✔️ Latest 401(k), retirement, stocks (etc) statements (Log in online, save the latest statement, done)
Only if these are applicable:
✔️ Divorce decree
✔️ Child support order
✔️ Bankruptcy paperwork
✔️ Short sale or foreclosure paperwork
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.
Here's your steps to begin:
1) Fill out my online application in 10 minutes or less at www.scottsloanapp.com
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 USDA home loan videos below:
• 5 SD USDA Program Secrets
• SD USDA Program Q & A
• SD USDA Program Needed Documents
Feel free to leave any comments or questions below – or, contact me here.
Your USDA Insider,