San Diego's #1 3.5% Down FHA Home Loan Q & A in 2021
(Please note - these loan amounts have been updated for 2021)
In this video I break down some of the most common questions I get about 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
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Without further ado - let's jump into several FHA home loan questions I get...
Question #1 - What's the Minimum Down and Max Loan Amount?
The minimum down payment needed is 3.5%. That can be your money, a gift (that's not repaid), or from down payment assistance. The maximum loan amount is $753,250 in San Diego.
Question #2 - What Types of Property Can I Use an FHA Loan For?
You need to live in the property (so no 2nd home, vacation home, or investment property. And, its good for a home, PUD (planned urban development), townhome, or condo. Just keep in mind the townhome/condo needs to be on this list. I personally do not deal with land, mobile home, or manufactured homes.
Question #3 - If I Had an FHA Loan Before - and Foreclosed - Can I Buy Using One Again?
Yes, as long as your foreclosure was 3 years or older - you are allowed to have bought before, using an FHA loan, had it foreclosed on, and then are buying using it again.
Question #4 - Talk More About the UFMIP and the MIP
You pay 1.75% upfront for the UFMIP (and that's usually just financed into the loan. Then, if you are putting down the minimum of 3.5% - you pay 0.85% monthly. Keep in mind for any loan, where you put down less than 20%, you will be paying mortgage insurance monthly. Yes, there are loans that do not have mortgage insurance, with less than 20% down, but your rate is *higher* - so its a wash.
Question #5 - Can I Own a Home Now - and Buy Using an FHA Loan?
Yes, if you own a home now, as long as you have a loan that is *not* FHA, and you buy a new place, to live in (owner occupied), having more than 1 mortgage loan (and house) at a time is fine.
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