Loan guide, San Diego
FHA
Government-insured loans with 3.5% down and flexible credit guidelines. Mortgage insurance is part of the package.
Down payment from
3.5%
Credit score from
580
Terms
15 or 30 years, fixed
FHA loans are insured by the Federal Housing Administration, so lenders can say yes to lower credit scores and smaller down payments than they would on a conventional loan.
You pay an upfront mortgage insurance premium, usually rolled into the loan, plus a monthly premium. With less than 10% down, that monthly premium stays for the life of the loan unless you refinance later.
3.5% down with a 580 credit score
Gift funds from family can cover the whole down payment
The home must meet FHA property standards at appraisal
Why people choose it
Easier to qualify with a thinner or bruised credit history
Higher debt-to-income ratios are often accepted
Rates are competitive, especially for mid-range credit scores
Assumable, a future buyer may be able to take over your rate
Watch out for
Mortgage insurance can last the life of the loan
Loan limits are lower than conventional limits in many counties
Some sellers prefer offers without FHA appraisal requirements
Is this the right loan for you?
A 20-minute call tells you whether it fits, roughly what it costs and what to gather. No hard credit pull to start.
Guidelines vary by lender and change often. Sample figures only, not a commitment to lend. NMLS # 000000 (demo).
Other loans worth a look.
10 to 30 years, fixed or ARM
Conventional
The most common home loan in the country. Put as little as 3% down, and drop mortgage insurance once you reach 20% equity.
Read the guide
15 or 30 years, fixed or ARM
VA
Zero down, no monthly mortgage insurance and competitive rates for the people who served.
Read the guide
15 or 30 years, fixed or ARM
Jumbo
For loan amounts above the conforming limit. Bigger loans, deeper paperwork, and we shop the lenders that price them best.
Read the guide