San Diego Conforming Mortgage Loans Q and A (2017 Update)

While hunting for a loan program that will work, you might have a couple of questions that come up.

In order to help you get the answers to these common questions more quickly, we’ve put them in one spot so that you’ll be able to get all the answers as soon as you need them.

If a conforming mortgage loan sounds like something you would be really interested in, then take some time to check out the main article, the pros and cons of the loan type, and the loan limits for this kind of loan.

If you are looking at multiple loan types and you aren’t sure which kind of loan is really going to be the best for you, then check out the reasons why the conforming mortgage loan might be perfect for you.

Here's a quick rundown of our list:

And if there are any questions that you still have, then you can always contact me and I’ll help make sure that you’re on the right road to owning a home in San Diego.

What Does Conforming Mean?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

Conforming loans are loans that are based on the Freddie Mac and Fannie Mae standards.

They are also sometimes referred to as conventional loans.

They aren’t backed by government standards, which means that they have to conform to a different set of standards.

The standards that they are conforming to are the ones that Freddie Mac and Fannie Mae have for their loans.

Must Read: San Diego PiggyBack Mortgage Loans - Rates, Terms, Limits...

What is the Loan Limit?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

There are higher loan limits for some areas where the prices of homes are a little bit higher, but these are the limits that you will typically see.

Here's what they are for San Diego:

  • 1-unit home: $701,500

  • 2-unit home: $898,050

  • 3-unit home: $1,085,550

  • 4-unit home: $1,349,050

For many of the loan programs that are conforming, you will find that they are limited to the 1-unit limit as they are limiting the homes that you can get to 1-unit homes.

Keep this in mind when you are looking at homes and thinking about loans.

Some loan types can twist around and provide you a little bit more money such as the piggyback loan program.

But you will want to base most of your estimations on the typical loan limit.

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What Kind of Home Can I Get?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

This will really depend on the exact program that you are going to participate in.

As we mentioned, there are some programs that are limited to just the 1-unit home type.

However, the exact home type will depend on the loan.

Make sure that you research the different loan types specifically to figure out what kinds of homes you can and cannot get.

See San Diego's latest mortgage trends...

Is the Loan Type Harder to Qualify For?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

There is a common thought that conforming loans of any kind are harder or almost impossible to actually qualify for.

This fact may come from the fact that it is a little bit harder than other loans.

But it is not impossible for you to get a conforming loan type.

You will have to have a slightly higher credit score, but you will still be providing a lot of the same information that you would otherwise have to give.

These loans don’t have the government behind them, so they have to be a little bit pickier with who they loan money to.

This is just a way that they make sure that they’re safe while lending money.

They don’t want to give it to people that are less likely to pay when they don’t have another way to get that money.

San Diego Homeowners: We have qualified buyers desperately seeking to buy immediately and pay top dollar...


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What Kind of Down Payments Will I Have to Pay?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

It really varies.

There’s a thought out there that conforming loans often have down payments that go as high as 20%.

This fact just isn’t true.

There are loan types where you have a 3% down payment and others where you have 10%.

You can even pay more than the minimum down payment if you want.

There are some loan types where you might have to become a slightly different loan type, but it is definitely a possibility for most loan types out there.

If you are looking for a way to get rid of the PMI on your loan, then you will be able to get rid of it by paying 20% down.

But it isn’t a requirement that you have to follow for every single conforming loan type.

Need Money? Whether you are a first time home buyer, currently own, or have owned in the past – you can get money to cover your down payment and closing costs – see the best programs now...

Is This Loan Type Better Than Ones Backed by the Government?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

There are some people that might think that the loans that are backed by the government are going to be better.

That isn’t true.

It also isn’t true that conforming loan types are always better than the loans backed by the government.

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There are tons of different programs between all of the different people and groups that offer loans.

There are specific loans that will work better for some than for others.

Instead of thinking that one group of loans is better than another, you might want to look at the individual programs that are offered.

If one of those programs fits you better, then that’s the loan program that you should go for.

There are a lot of low down payment loans from both the government and conventional sets.

There are also plenty of loan types that are specifically good for new homeowners.

You’ll want to do research on all loan types before you settle on one.

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What if I Currently or Want to Live in an Area with High-Cost Homes?

San Diego Conforming Mortgage Loans Q and A (2019 Update)

This is something that’s built into the system.

While the loan limits for conforming loans don’t look that high, there is a set of limits that are reserved for areas where homes cost more.

The typical limit applies everywhere in the country except where the value of homes is higher.

If you’re looking at living in San Diego, which has higher priced homes than many places in the US, then you might be able to ask your lender about these higher limits.

They can really make the difference when you’re trying to get a good home.

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San Diego Conforming Mortgage Loans Q and A (2019 Update)

If you find yourself interested in learning more, then you’ll want to check out our main article, the pros and cons about the loan, the answers to the most common questions about this loan type, 5 reasons why, and more information about the loan limits that are available with this loan.

What do you think?

Do you think this low down conforming mortgage loan is a great idea?

I would love to hear your comments below - or cal/text me at (760) 297-4539.

Your Conforming Loan Insider, 


5 San Diego Conventional Loan Secrets Revealed!

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