FHA loans are insured by the Federal Housing Administration, protecting the lending institution against loss from default. The down payment can be smaller, as low as 3.5% of the property price. Additionally, the down payment can be from a qualified gift. FHA loans allow the borrower to cosign with a non-occupant family member (single-family homes only). FHA loans are available in 15 or 30 year terms in both fixed rate mortgages and adjustable rate mortgages.
Benefits of an FHA Loan
- Generally easier qualifications
- Lower down payment
- Do not have to be first time homebuyers
- Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value
- Non-occupant such as parent or relative may be a co-pplicant on the loan
Who should apply for an FHA Loan?
- Someone who doesn’t have a lot to put down on a property
- First time homebuyers
Anything else to note?
- Mortgage Insurance (MI) is required with an FHA loan. Borrowers can finance the total MI premium into their loan.
- Closing costs and fees can be included in the loan
- Monthly payment nust not exceed 30% of monthly income
- 2 years of verified income necessary
- FHA 203(k) renovation loans assist with repairs up to $35,000 (only certain repairs are eligible)
- The maximum FHA loan amount in San Diego County is $580,750 as of January 1, 2016
The following condos in Downtown San Diego are FHA Approved as of October 12, 2016. Please visit our FHA Approved Condos in Downtown San Diego page regularly to check for updates.
|Name||Address||FHA Expiration Date|
|Alta||575 6th Ave.||12/16/2016|
|Aria||1441 9th Ave.||10/15/2017|
|Atria||101 Market St.||6/27/2018|
|Bay Vu||Front St.||8/7/2017|
|Bayside||1325 Pacific Hwy||7/28/2017|
|Beech Tower||1514 7th Ave.||9/1/2018|
|Discovery at Cortez Hill||850 Beech St.||6/24/2018|
|Farenheit||1025 Island Ave.||12/15/2017|
|Electra||700 West E St.||1/27/2017|
|Horizons||555 Front St.||11/24/2017|
|Island Lofts||221 Island Ave.||3/10/2017|
|The Legend||325 7th Ave||8/27/2017|
|M2i||1050 Island Ave||9/15/2017|
|Marina Park||750 State St.||2/18/2018|
|Palermo||1501 Front St.||1/12/2018|
|The Park at 10th Avenue||1640 10th Ave.||8/20/2017|
|Park Place||700 W Harbor Dr.||9/10/2017|
|Park Row||701 Kettner Blvd.||11/14/2016|
|Parkloft||877 Island Ave.||9/1/2017|
|Porto Siena||1601 India St.||6/25/2017|
|Smart Corner||1080 Park Blvd.||12/2/2017|
|Trellis Fifth Avenue||530 K Street||5/5/2017|
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Information on this list deemed accurate but not guaranteed.