San Diego Home Mortgage Blog

 Many more San Diego home buyers are going with FHA financing than in years past and the FHA buzz is growing. At this point the number one question that I get these days from buyers is "Should I use FHA for my San Diego Home mortgage?". The answer is not standard for every buyer in every situation but hopefully by explaining what the FHA loan program can and cant do you can better see if it is a good way or possibly the ONLY way for you to finance your new home. 

 Here are some of the benefits of getting a FHA backed San Diego home mortgage:

• FHA loans require as little as 3.5% down payment.
• FHA guidelines will allow for a credit score as low as 620.
• FHA guidelines will allow a home buyer that had a Bankruptcy 2 years ago.
• FHA will allow for some or ALL of the down payment money to be gifted by a family member.
• FHA can be used for up to a 4 unit building as long as you will be living in one of the units.

 These flexible guidelines and the $8000 government tax credit are helping people that thought they would not be able to buy with todays strict lending standards.   When shopping for your San Diego home mortgage we will make sure to explore all options including FHA to help you make the most informed decision on your new home purchase.