San Diego FHA and VA Home Mortgages

San Diego FHA & VA Home Mortgages

FHA mortgage Loans offer 96.50% financing for all qualified borrowers and can be used many times.  FHA mortgage loans are insured by HUD with Mortgage Insurance paid by by the borrower.  There are two insurance premiums; up front mortgage Insurance (UFMIP) and monthly (MIP).  UFMIP is a one time premium typically financed in the loan.  MIP can be removed when the loan has seasoned for five years and the loan to value is 78% or less, based on the original appraisal.

VA mortgage Loans offer qualified veterans 100% financing and can be used over and over as long as the the last VA Mortgage has been paid in full and the borrower no longer has title to the property.  VA Mortgages are insured by the Veterans Administration with a one time VA Funding Fee (VAFF)

When shopping for San Diego FHA & VA Home Mortgages let Bill Ladewig's Experience be your Advantage

• FHA & VA Mortgage Loan Specialist since 1970.
• FHA & VA Lender Consultant.
• FHA & VA Mortgage Trainer.
• FHA 203k Rehabilitation Loan Expert.
• Certified CalVet Mortgage Counselor.
• Mortgage Software Designer.

Since 1970 Bill has closed several thousand FHA and VA Mortgages and provided mortgage training for hundreds of Loan Officers and Real estate agents.  Experience Counts

For additional information on Bill Ladewig Google Bill Ladewig

San Diego Information
San Diego is the best of old and new.

• San Diego City Web Site
• San Diego Chamber of Commerce
• San Diego Churches
• San Diego Crime Statistics Map
• San Diego Demographics
• San Diego History
• San Diego Homes For Sale
• San Diego Police Department
• San Diego Restaurants
• San Diego Schools Information

Tips for shopping your San Diego Mortgage

• Become A Rate Shopping Genius
• Current Rate Survey
• Rate and Point Relationship
• What is APR
• What is Yield Spread Premimum (YSP)

San Diego Mortgage Highlights

• Conventional Mortgages
  • Currently the maximum Loan to value (LTV) is 90% in California.
    • Exception:Fannie Mae HomePath will allow up to 97% LTV on foreclosed homes owned by Fannie Mae.
  • Most lenders require a minimum of 720 to 740 FICO score for 90% loans
  • All loans above 80% Loan to Value (LTV) require mortgage insurance.
  • The maximum conforming loan amount is $417,000 (best pricing).
  • The maximum conventional Jumbo loan amount varies.
• FHA Mortgages
  • FHA home Loans require 3.50% down payment which is also the buyer's minimum required investment.
  • FHA mortgages require two types of mortgage insurance; Up Front (UFMIP) and monthly (MMI). click here for complete details on FHA Mortgage Insurance on San Diego Mortgages.
  • FHA requires condominiums to be at least 51% owner occupied and does not allow any legal action pending against the association.
  • Non-Owner occupancy co-buyers are allowed.
  • The maximum FHA Home Loan for San Diego County is $697,500
    • California FHA Maximum Mortgages
  • Sellers can pay up to 6% of the buyers closing costs. Normal closing costs run, on average, about 3.5% which leaves room for the seller to also "Buy Down" the buyer's interest rate.
  • While FHA does not specify minimum FICO scores most FHA lenders require a minimum score of 620-640 for conforming FHA loans and a minimum of 660 for jumbo FHA.
• VA Mortgages
  • VA Mortgages allow 100% financing for Qualified Veterans.
  • The Seller can pay up to 4% of the buyers closing costs
    • Withing the 4% The Seller can also pay off the buyers debts.
  • The only co-borrower allowed by VA is the Veteran's spouse.
  • VA does not have monthly mortgage insurance but requires a one time VA Funding Fee (VAFF) that is normally financed in the mortgage.
  • The maximum VA mortgage in San Diego County is $593,750 which must include VAFF.
  • VA does not allow the VA borrower to pay lender or escrow fees and these "Non-Allowable" fees are typically paid by the seller.
    • VA buyers must keep in mind when negotiating price the seller must pay approximately $2,500 to $3,000 Non-Allowable fees.

San Diego Mortgage Rates: http://www.yourfhaguru.com/

• W2 for past two years
• Past two years Federal Tax returns (all schedules) if you are self employed or have real estate investments.
• Check stubs- covering current 30 days
• Year to date profit and loss if self employed
• Bank or brokerage statements - all pages of most current statements
• Copy of Drivers license and Social Security Card
• Copies of retirement award letters if retired.

The underwriter may require additional documentation for San Diego Mortgages. I be happy to discuss these items and answer all your questions when we meet.