San Diego FHA Loans

If you are looking to relocate to San Diego, right now is a great time to apply for an FHA loan. The Federal Housing Administration (FHA) has a home loan program in place to help make homeownership as simple and affordable as possible, especially for first time homebuyers. The program has been in place since 1934 and since then it has helped millions of American families afford the homes of their dreams. Here is how FHA loans can help you today.

Conventional Loans vs. FHA Loans

Today, private lenders are reluctant to lend money for new homes without requiring a big down payment. This down payment can be as much as 20%, which for a family home in San Diego will be very expensive. FHA loans, on the other hand, only require a 3.5% down payment in order to procure the loan. This 3.5% can come from any source as well, so even if you can’t afford the down payment, you will still be able to become a new homeowner if your friend, employer or charitable organization pays for your down payment.

Additional Benefits

In addition to only having to pay 3.5% for a down payment, you also won’t have to pay any private mortgage insurance because you will already be insured by the Federal Government. Plus, as a federally insured borrower you will get to take advantage of really low, competitive interest rates, making the total cost of the loan that much lower. The other great benefits of San Diego FHA loans include easy approval requirements, streamline refinancing and individual repayment plans.

Eligible Houses

For a standard San Diego FHA loan, eligible houses include one to four-unit family properties. If you have a house that needs a lot of repairs, you can apply for a 203(k) mortgage which will cover the cost of the house and any rehab work completed. There is also the Energy Efficiency Mortgage (EEM) for people who want to upgrade the house’s utilities.

How to Get Started

We have a team of San Diego FHA home specialists who would be happy to assist you in the loan process. Simply take a minute to fill out our secure online form and we’ll have your pre-approval instantly for free.

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