2012 San Diego FHA Loan Limits

The 2012 San Diego County FHA loan limits are unchanged from 2011 for 1-unit properties.

The San Diego FHA loan limit is $697,500. FHA loans in San Diego with loan amounts below $417,000 are considered “conforming” and will have slightly lower rates and less stringent guidelines.  San Diego FHA Loans that exceed $417,001 to the maximum of $697,500 are considered “jumbo” or “High Balance”.  They will have rates that are about .25% higher and more restrictive guidelines.  Be aware of this when speaking to your San Diego Mortgage Broker and FHA expert.

The FHA loan program is used many times by first time home buyers in San Diego because of the low down payment and program flexibility, but you do not need to be a first time homebuyer to use an FHA loan in San Diego.

There are other benefits to the FHA loan program for buyers and borrowers. The whole 3.5% down payment on a purchase can be gifted to the buyer by relatives. This allows a client to buy a home in San Diego without having to accumulate the down payment on their own.

FHA loans also allow non-occupying co-borrowers. This is a great way for San Diego First Time Home Buyers to get into the housing market.  In addition, the seller can pay up to 6% of the purchase price to cover the buyer’s closing costs.  Please feel free to contact The Mortgage Planners at 619-312-0612 if you would like to get a free quote or click HERE.

Leave a Reply

Your email address will not be published. Required fields are marked *