Mortgage Rates Report

FHA Loans are back in San Diego County!  Our expensive real estate has dropped in value and the FHA loan limits were increased by The Economic Stimulation Act of 2008.  Single-family homes and condominiums are now eleigible for FHA loans to a limit of $697,500.  Duplexes have a FHA loan limit of $892,950,  Triplexes have an FHA loan limit of $1,079,350 and four-unit properties can get an FHA loan up to $1,341,350.

FHA loans are useful because they allow for a downpayment as low as 3%.  There are no “declining market limits” imposed on FHA loans.  This means that a family looking to buy a duplex, for $800,000, can buy that home for less than $25,000 cash-to-close.

Sellers can contribute up to 6% towards a buyer’s closing costs and the down payment can be a gift from an interested party.

Credit guidelines are relaxed with scores allowed down to 580 FICO score.  Alternative credit sources, like utility bills, rent, phone bills, and private loans can be used to build a “thin” credt file.

Contact Brian Brady for more information at (858)-777-9751

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