The new FHA backed program is designed for those who do not have the down payment available or who want to save the monies for other expenses such as home improvements. There is no reason now to be renting, and everyone can take advantage of the great real estate investments in San Diego and build their financial future.

For example, a store clerk working full time on minimum wage can qualify for a 125k home and pay less then renting a 1 bedroom apartment!

A 2 income family can qualify and use this program and save the monies that would have went to the down payment for their childrens’ college or home renovations!

Credit scores are not an issue and can be as low as 580. As long as you do not owe money to collections you qualify for this loan program.

This program allows buyers to wrap their closing costs and down payment into a fixed second mortgage.

A buyer could potential put $600 dollars total out of pocket for a 300k home!

Each persons income and debt scenario will be different and will affect how much home they can afford.

Call today to find out which San Diego invesments are right for you and to take advantage of this loan program.  858.344.1424

Below are some of the highlights of this loan program:

* .5 % Down Payment!
* Low fixed rate mortgage
* Fixed at 8.25%, 15 yr, amortized 2nd home loan,
* 580 minumim credit score
* Both loans close under same lender.
* Only one lender has access to this program.
* The Equity Kings is direct to this lender!
* Backed by private financing with unlimited funds
* 43% Max DTI – Income limit is under $90k in San Diego
* NOT Limited to First Time Home Buyers
* NO “Recapture Tax” if home is sold later
* .5% down & no out of pocket closing costs
* Manufactured Housing Eligible
* 2nd Financing can be used for Down Payment and Closing Costs

Call Now 858.344.1424, to find out how much home you qualify for and to find your new home!

Program Highlights:

3.5 percent down
Low ficos ok
41 % debt ratios ok
available to anyone
In 1965 the Department of Housing and Urban Development (HUD) was formed. Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA who insures the loan for the lender.
The most popular FHA home loan program for a first time home buyer is by far is the 203(b). This is your standard fixed rate loan for 1-4 family owner occupied houses and only requires a minimum of 3.5% down from the borrower. This loan also permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.
The main advantage to a FHA home loan is that the credit criteria for a first time borrower are not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller or lender must pay for part of the “traditional” closing costs (called non-allowable costs) while a borrower’s allowable costs can partially be wrapped into the loan. The monthly mortgage insurance premium is cheaper for an FHA loan verses a conventional loan with 3.5% down. Finally, FHA loans may require less income to qualify as they will exceed the Conventional debt ratios of 28/36% as their standard is 29/41%. To learn more about debt ratios, please see the income section.
Many people make the mistake and assume that FHA loans are only available for first time home buyers. This is not true. FHA loans are available to anyone, whether your first or fifth home and can be used to purchase a home or refinance a home. If refinancing a home the current loan DOES NOT have to be an FHA loan.
Tell us about your FHA experience or post your questions!