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


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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?


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


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Ready to begin? 

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


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 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.)


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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:


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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. 


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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. 


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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


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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)


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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, 


Scott

5 San Diego FHA Loan Secrets Revealed!