Eligible FHA Programs:
FHA 203(b) 1-4 Family Mortgage Insurance Program
FHA 234(c) Condominium Unit Mortgage Insurance Program
Program Types
FHA 30 and 15 Year Fixed
Max Loan Amount
$271,050 to $729,750 based on County in which the property is located:
Mortgage maximums
This is a listing of the FHA single family mortgage limits.
| MSA Name |
MSA Code |
Division |
County Name |
County
Code |
State |
One-Family |
Two-Family |
Three-Family |
Four-Family |
Last Revised |
Limit Year |
| SAN DIEGO-CARLSBAD-SAN MARCOS, CA (MSA) |
41740 |
|
SAN DIEGO |
073 |
CA |
$697,500 |
$892,950 |
$1,079,350 |
$1,341,350 |
01/01/2009 |
CY2009 |
Selection criteria
| Sorted by: |
State |
| State: |
CA |
| County: |
San Diego |
| County Code: |
|
| MSA Name: |
|
| MSA Code: |
|
| Limit Type: |
FHA Forward |
| Last Revised: |
|
| The CY2009 basic standard mortgage limits for FHA insured loans are: |
| |
|
|
One-family |
|
Two-family |
|
Three-family |
|
Four-family |
|
| |
FHA Forward |
|
$271,050.00 |
|
$347,000.00 |
|
$419,425.00 |
|
$521,250.00 |
|
| |
HECM |
|
$625,500.00 |
|
|
|
| |
HOPE for Homeowners |
|
$550,440.00 |
|
|
|
| |
Fannie/Freddie |
|
$417,000.00 |
|
$533,850.00 |
|
$645,300.00 |
|
$801,950.00 |
|
High cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits
The ceilings for CY2009 are: |
| |
|
|
One-family |
|
Two-family |
|
Three-family |
|
Four-family |
|
| |
FHA Forward |
|
$729,750.00 |
|
$934,200.00 |
|
$1,129,250.00 |
|
$1,403,400.00 |
|
| |
HECM |
|
$625,500.00 |
|
|
|
| |
Fannie/Freddie |
|
$729,750.00 |
|
$934,200.00 |
|
$1,129,250.00 |
|
$1,403,400.00 |
|
| Section 214 of the National Housing Act provides that mortgage limits for Alaska, Guam, Hawaii, and the Virgin Islands may be adjusted up to 150 percent of the new ceilings. This results in new CY2009 ceilings for these areas of: |
| |
|
|
One-family |
|
Two-family |
|
Three-family |
|
Four-family |
|
| |
FHA Forward |
|
$1,094,625.00 |
|
$1,401,300.00 |
|
$1,693,875.00 |
|
$2,105,100.00 |
|
| |
Fannie/Freddie |
|
$1,094,625.00 |
|
$1,401,300.00 |
|
$1,693,875.00 |
|
$2,105,100.00 |
|
Minimum Fico Score FMC Program 07 require a minimum 580 fico score:
Program 72 require minimum 620 (regardless of UW method)
Maximum DTI 31/43%
UW Method Manual Underwrite Available, DU with Approve/Eligible, LP with Accept or Plus
FHA Loans Exceeding $417,000 – Additional Credit Parameters
Any San Diego, Ca LTV => 95% must comply with these additional requirements:
• A 2nd appraisal (1004) from an FHA fee panel appraiser must be obtained and underwritten to support the value.
• If there is a variance between the two San Diego property appraisals that is greater than 5% the lower of the two values must be used.
All other guidelines with the exception of the above follow standard FHA eligibility requirements.
Easier Qualifying With FHA insuring the San Diego Ca mortgage, lenders are more willing to give terms making it easier to qualify. Since FHA will pay a claim to the lender in the event of a San Diego, Ca homeownership default
Smaller Down Payment
3.5% down payment which can come from a family member, employer, charitable organization as a gift.
Less than perfect credit
Even if the California borrower(s) had credit problems in the past such as a BK, it’s easier to qualify for an FHA than a conventional loan
Get to closing faster:
Why? It’s easier to qualify:
_ No minimum credit score is required
_ Non-traditional credit is acceptable
_ Low down payment
_ Non-occupant co-borrower is permitted
_ Can use up to 100% of income for qualifying
_ Expanded qualifying ratios
_ FMC can manually UW up to 46% with strong comp factors
_ Financed closing costs
_ Many closing costs can be financed with an FHA loan
Protections & Advantages to a San Diego mortgage financed through a FHA loan.
No Prepayment Penalties
o Fully Assumable
o Default Assistance
o Competitive interest rates and Lower Premiums
Who would benefit from a FHA San Diego Ca Mortgage Home Loan?
Borrowers who fit one or more of the following criteria’s:
_ First Time Home Buyers who may not be eligible for traditional financing
_ Borrower’s who don’t have a lot of money to put down on a house – they may have limited cash for down payment or closing costs.
_ Borrowers who need flexibility in their housing income and payment ratios
_ Borrowers who have low to moderate incomes
_ Borrowers who are worried about qualifying for a loan and may not qualify for a conventional loan
_ Borrowers who don’t have perfect credit – have credit blemishes
_ Borrower’s who live in a disadvantage San Diego, Ca neighborhood or who are interested in purchasing a property that needs repairs
Basic Eligibility
Basic Eligibility Requirements
1. Social Security # Borrower must have a valid Social Security Number:
2. Residency Status Borrower must be a lawful resident in the United States
• U.S. Citizen
• Permanent Resident Alien
– Must have evidence of permanent residency status
• Non Permanent Resident Alien
– Must be eligible to work in the US
• Non-Occupant Co-Borrowers (Co-Signers)
3. Legal Age Borrower(s) must be 18 years old, or age which state permits a person to
sign on a San Diego Ca Mortgage/Deed of Trust
• Purchases
• Rate & Term Refinances
• Cash Out Refinances
Loan Purpose Must be Primary Owner Occupied
• Must occupy property within 60 days of closing Occupancy
Basic Loan Requirements
Lien Position Must be a 1st Trust Deed.
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