(Please note: This video and these numbers were accurate as of 2019. See updated videos and numbers at: https://www.sandiegorealestatehunter....)
Hey, what’s going on?
Scott Taylor with https://www.sandiegorealestatehunter.... licensed in the City of California for both real estate and mortgages with an emphasis on San Diego.
So, your online Web site, filled out a form, looking for information on F H A mortgages and that's what this educational video is all about.
Now, if you're looking to find what today's rate was, you can go to bankrate.com and you can find out what today's F.H.A. mortgage rate is,
but keep in mind there's going to be an asterisk and a star and it’s going to state,
“you need this credit score, this debt to income ratio and this purchase price and these guidelines and blah, blah, blah” and guess what?
That might not be your rate.
So, I like to do these educational videos so you have better understanding what it is,if it makes sense for you and how to get started.
So, let's talk about what an FHA mortgage is.
So, when you go to buy and I'm licensed throughout California, but I could focus on saying San Diego and for this video we'll focus on San Diego.
So, the great thing about a F.H.A. mortgage, is that you can buy with as little as three point five percent down.
Now, the great thing with this, is it's not just up until the conforming loan limit, which in San Diego is four twenty four, one hundred.
You can actually go up to the six forty nine seven fifty.
So, in theory, you can get all a loan for six forty nine, seven fifty, put down three point five percent and you get a purchase price, [I don’t know], probably around sixty five or six eighty or so, and you can buy with only three point five percent down.
I mean, think about that, you can spend… buy a place for six hundred eighty thousand and put down three point five percent.
That’s what? I don't know; twenty one, twenty two, twenty three, thousand dollars down.
That's it.
And the great thing is, we can even structure that to where we could include closing costs into your rate and or we can ask the seller to pay your closing costs.
So, think about that. You could buy a home for something around six hundred eighty thousand dollars, put down like twenty-one or twenty-two thousand and have it structured correctly to where you didn't pay closing costs from that as well.
I mean, it's pretty crazy stuff.
Credit scores on that, it really varies.
So, something…first of all, credit scores.
I do credit karma and credit sesame as well.
It’s great to track your debts, not so much on credit scores.
When we run it, the credit score is usually higher.
For sure, it’s different, it's usually higher, so don't worry about that.
Now, for credit scores; of course, above seven hundred is better, but you know, I have lenders who go as low six hundred on FHA.
Probably lower than that, I like to be consistent and stay in the middle with numbers I give you.
But your credit score, one other thing with FHA, is that you can have a little lower credit score and be fine.
Now, it might cost you a little bit on the rate end or on the back end, which is call the lender credits on that, but it's definitely possible.
Something to keep in mind when we go F.H.A, also is that, it allows usually higher debt to income ratio.
So, conventional loans a lot of times, you kind of stick to that forty five or forty seven percent back end ratio to get approved.
For F.H.A. I've seen as high as fifty six point nine nine percent, back step to income ratio.
What that means is when we run your credit score or your credit report, we’re going to have those debts, right.
We add up those debts, plus your future mortgage payment; principle, interest, taxes, insurance, mortgage insurance premium and if you have HOA; add those together.
Depending on your credit profile, I’ve seen as high as fifty six point nine nine percent.
Assume for easy numbers, you make ten thousand a month that means that you could go up to fifty six ninety nine in total debt.
I mean, that’s awesome.
I'm not saying you should, I'm not saying it's smart.
I'm saying it's possible right.
Something to keep in mind with an F.H.A. mortgage, okay, whether it’s an F.H.A. purchase, F.H.A streamline, F.H.A 2 or 3K, which is a construction, a regular F.H.A. refi and if I’ve missed any F.H.As.
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