Yes! We Do Government Loans
Yes! We do government loans. I was at a friend’s home on the 4th of July who asked me what the minimum down payment requirement is for a home purchase here in San Diego. He was surprised to hear me say 3.5%. He was even more surprised to hear that if an individual is VA eligible they can finance 100% of the purchase price. While my friend is not a veteran he knows someone who is which means he qualifies for the best home loan anywhere. You may not be a veteran who can qualify for a VA loan and you may not want an FHA loan so it’s important to know there are also conventional loan options that finance up to 95% of the purchase price and allow the 5% down payment to be gift funds virtually making this option 100% financing. But wait, don’t be so quick to dismiss FHA. Many times for those who have limited funds available for down payment FHA financing offers them more purchase power.
Here is a quick-hitter list of benefits government loans offer:
FHA:
3.5% down payment (.5% down payment with CHDAP 2nd TD)
580 minimum credit score
No reserves required
Cash out refinances to 85% loan-to-value
Transferrable appraisal
VA:
100% financing
No mortgage insurance
Lowest interest rates
Purchase and cash out options
Eligible properties include SFR, modular homes, PUDs, and VA approved condos
USDA:
Max loan amount of $417,000
Up to 100% financing
Up to 102% financing
640 minimum credit score
Purchase and rate & term options
858-863-0264