FHA Loan

Why FHA is the Best Low Down Payment Program in San Diego County

FHA is the best way to buy a home in San Diego County with a low down payment up to $546,250; however, most homebuyers don’t realize why.  Here are some top reasons home buyers with a low down payment should consider FHA.

IT’S NOT ONLY FOR FIRST TIME BUYERS – FHA loans are available for everyone.  There is no income requirement and the home can be anywhere.  The maximum FHA loan for San Diego county is $546,250.  FHA will only finance owner occupied homes and you must prove your income, but you can own another home or been a previous homeowner.  In fact, you are again a first time homebuyer if you have not owned a home in the last 3 years. This includes foreclosures and short sales!

CAN ONLY BE USED MORE THAN ONCE – You can use FHA to purchase a home multiple times.  You can only have one loan at a time unless you have extenuating circumstances like a job transfer or major life event.

YOU DON’T NEED THE 3.5% DOWN PAYMENT – FHA is the only loan program allowing the minimum down payment to be a gift from a relative of close friend.  The “donor” does not need to be on title or on the loan, they can simply gift you the down payment and closing costs.  This allows you to purchase a home with no money down.

COSIGNERS ARE ALLOWED – You can add numerous cosigners to your file allowing you to purchase a bigger home.  This is perfect for parents who want to purchase a home for their college student or family members pitching in to help a first time homebuyer.

YOU CAN BUY AFTER A BK, SHORT SALE OR FORECLOSURE –  FHA has the most lenient guidelines available.  You can get an FHA loan approval in as little as 2 years for a bankruptcy and 3 years or less for a short sale or foreclosure.  Call to discuss your specific situation.

YOU CAN BUY A CONDO – Condos are very easy to purchase using FHA financing, as long as they are approved.  Here is the link to see what condos are available in your area FHA CONDOS SAN DIEGO COUNTY.  There are no additional fees or expenses and the rate is exactly the same as for a single family home.

If you want to buy a home in San Diego County with a low down payment, FHA is for you!  Please call the San Diego FHA Expert, Glenda Meyer, at 619.246.5525 to see how much you qualify for.  Ask about the 30 day guaranteed closing on all purchases in San Diego.