Are you looking to put down as little as possible on your next home purchase? 

Do you have "less than perfect" credit with a late pay or two, maybe a car loan, a few credit cards, but still make a good income?

In this video I break down the San Diego 3.5% Down FHA Home Loan and all the needed details. 

Ready to begin? 

👉 Let's dig into some of the basics to qualify:

 The minimum down payment needed is just 3.5% of the purchase price. Just take your purchase price x 0.035 = your needed down payment needed. 

Here's a few down payment needed examples:

➡️ $300,000 x 0.035 = $10,500

➡️ $400,000 x 0.035 = $14,000

➡️ $500,000 x 0.035 = $17,500

➡️ $600,000 x 0.035 = $21,000

➡️ $700,000 x 0.035 = $24,500

✔️ The maximum loan amount for a 1 unit is $700,500, the maximum for a 2 unit is $898,050, the maximum for a 3 unit is $1,085,550, and the maximum for a 4 unit is $1,349,050

✔️ The maximum debt to income ratio allowed is 46.99%/56.99% - that means up to 46.99% of your debt can be towards a total housing payment and up to 56.99% of your debt can go towards your total housing payment plus debts. 

✔️ This loan works for for anyone that has a full time job or business for at least 2 years or longer (It's not just limited to first time home buyers, those with limited income, or those with less than perfect credit.)

This will work for anyone looking to *live* in the home as their primary residence (does not work on second home, vacation home, or investment properties). 

✔️ This works on any livable home, PUD (planned urban development), town home/condo (that is an FHA approved complex), and livable 2 unit, 3 unit, and 4 unit properties. 

✔️ The down payment and closing cost monies can 100% come as a gift from parents or another relative, an employer, an approved charity group, or a government home buyer program. 

✔️ Being approved with over 40 different wholesale lenders I have a variety of FHA lenders that require different credit score minimums. But, I have lenders that will go down to a 500 minimum credit score. 

✔️ The waiting periods for the FHA loan are as follows:

➡️ 2 years from Chapter 7 discharge date 

➡️ 3 years if you have a foreclosure

➡️ 3 years if you have a short sale

👉 Let's dive into some typical questions and answers:

Question: Can I use the FHA loan in conjunction with your down payment assistance program?

➡️ Yes, 100% - that's how it is done. There's a small loan for your 3.5% down payment, you have a 96.5% FHA loan, and together that = 100% financing. 

Question: If I have had an FHA loan before - can I get one again?

➡️ Answer: Yes, of course. You can have 1 at a time (usually) but you can buy and sell using an FHA loan as much as you want. 

✔️Question: Why would I go with an FHA loan over a conventional loan?

➡️ Answer: Generally speaking the FHA loan allows for a higher DTI ratio, lower credit score, lower down payment needed above the conforming limits, and overall easier to get as a buyer. 

Question: Okay, you have mentioned the positives - what are some negatives?

➡️ Answer: I would say some of the negatives versus a conventional loan are: the UFMIP, having it mandatory to buy an FHA approved condo/town home complex, and owner occupied homes only.

✔️Question: If I have just enough for the down payment - is there a way I can get my closing costs covered?

➡️ Answer: Yes, we can ask the seller to pay for them in our offer, we can use a lender rebate (video covers), or we can use a combination of the both to limit cash out of pocket.  

👉 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. 

👉 What do you think?

📝 Leave your comment below - or, should me a text/call to (760) 297-4539

Your San Diego FHA Insider, 


5 San Diego FHA Loan Secrets Revealed!