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

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.

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.

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 (Drivers license, last 30 days paychecks, last 2 months bank statements, latest stocks/bonds/mutual funds/etc statements, last 2 years taxes and W2's)

I will be alerted, check everything over, run your credit, review, and contact you about best scenario.

Here's more FHA 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,

Scott

5 San Diego FHA Loan Secrets Revealed!

Where Do You Want To Go Next?

By clicking “Send” I/We agree by electronic signature as stated below: 1) To be contacted by telephone even if the telephone number appears on a State/National Do Not Call registry or any company’s Do Not Contact lists. 2) To this website’s Privacy Policy and Terms of Use.

See San Diego's Newest Listings Below...

2610 Properties
Page 1 of 218

Post a Comment