San Diego Funding has access to a full range of mortgage products and experienced loan officers who are dedicated to finding the right loan-with the best rates, terms and costs-to meet your unique needs.
VA Loans help Service Members, Veterans, and eligible surviving spouses become homeowners. The U.S. Department of Veterans Affairs (VA) guarantees a portion of the loan, enabling lenders to provide with more favorable terms. To be eligible for a VA loan, you must have served in the military in the past, for at least 90 days during wartime or 181 days during peacetime, or currently be on active duty.
If you are currently active duty, you qualify after 90 continuous days of service. Full eligibility in San Diego allows for a 100% loan up to $649,750. Any amount over $649,750 requires 25% of the additional amount as a down payment.
$649,750 Sales price, no down payment
$750,000 Sales price, $25,100 down payment
$1,000,000 Sales price, $87,600 down payment
$1,500,000 Sales price, $212,600 down payment
$2,000,000 Sales price, $337,600 down payment
If your VA eligibility was used to purchase a home in the past, the home has been sold and the loan paid off, you should be able to use your VA to purchase a home again. If you purchased a home using your VA eligibility in the past and it is now rented with your VA loan still on the home, you may have unused eligibility that can be used to purchase another home with your VA.
ADVANTAGES OF A VA LOAN:
- VA loans provide a 30 year fixed interest rate that is usually lower than that of Conventional loans.
- VA loans allow for a higher debt to income ratio.
- VA loans provide borrowers with the opportunity to purchase when their credit does not allow them to qualify for a Conventional loan.
- VA loans provide a shorter timeframe for approval after a short sale, foreclosure or bankruptcy, just 2 years.
- VA loans require no down payment up to $649,750 with full entitlement.
- VA loans require no mortgage insurance.
- VA eligibility never expires.>
- No VA funding fee for Veterans receiving at least 10% VA disability.
VA LOAN REQUIREMENTS:
- The property must be owner-occupied.
- The buyer must income and credit qualify.
- Requires Section 1 and Section 2 termite clearance.
- Condos must be VA approved, contact your loan officer to verify approval.
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) insures the loan so lenders can offer their clients a low down payment, just 3.5%, low-interest rates and easier credit and income qualifications.
The maximum loan amount in San Diego is $649,750 for a single-family home or condominium. Higher loan amounts are available for 2 to 4 units. A higher down payment may be required on 3 and 4 units since they need to debt carry.
ADVANTAGES OF AN FHA LOAN:
- FHA loans provide a 30-year fixed interest rate that is usually lower than Conventional loans. 2.FHA loans allow buyers to purchase with a low down payment, just 3.5%.
- FHA loans allow for a higher debt to income ratio.
- FHA loans are easier to qualify for than Conventional loans.
- FHA loans provide borrowers with the opportunity to purchase when their credit does not allow them to qualify for a Conventional loan. 6.FHA loans only require a 2-year wait after a bankruptcy and a 3-year wait after a short sale or foreclosure.
FHA LOAN REQUIREMENTS:
- The property must be owner-occupied however, FHA does allow for a non-occupant co-borrower.
- 1.75% up-front charge by FHA that is added to the loan amount.
- 0.85% monthly mortgage insurance is charged on loans with 3.5% down payment and .8% on loans with a down payment of 5% or more.
- Mortgage insurance stays on for the entire loan unless there is a 10% down payment.
- Condos must be FHA approved, contact your loan officer to verify approval.
Maximum loan amounts:
- $649,750 for a single family or condo
$784,700 for 2 legal units
$948,500 for 3 legal units
$1,178,750 for 4 legal units
- Requires DU or LP approval through FNMA or FHLMC computer software.
- Credit and income must qualify.
- Owner occupied and investment loans available.
- Owner occupied 95% loans to $649,750 are available.
- Usually requires a 45% debt to income ratio. With a low loan to value, this may go higher.
- 85% loan to value with no mortgage insurance available to $3,000,000.
- 10% down with a 10% second, no mortgage insurance,
to $1,700,000 total of the first and second.
- 80% loan to value for second homes available to $3,000,000.
- 75% investment loans available to $1,000,000.
- Interest only loans available to $3,000,000.
- 80% loans to $1,000,000, 1 year after a short sale, foreclosure or bankruptcy.
- Asset depletions loans 80% to $2,500,000.
- 1-year tax return program.
- 80% loans on condos presently in litigation.
Real Estate Services