San Diego Conventional 97% LTV Mortgage Loan (2019 Update)

Getting a loan is a stressful time.

I know that part of this comes from the fact that you’ll have to start worrying about the down payment that you’re going to need to pay.

In some cases, you may pay over 10% for your down payment.

This can cause problems for some people that are living mostly paycheck to paycheck.

They have enough money to cover rent and could cover the mortgage payments, but the down payment is just too high.

This can prevent people from getting a home and a loan.

That’s where this loan comes in.

Instead of the high down payment that other loans require, this one will only have a 3% down payment.

If you want to know more about a 97% LTV mortgage loan, check out our pros and cons article, our answers to some common questions, and our article about the loan limits.

If you are uncertain if the loan is the right fit for you, then you may want to check out our article with the reasons why the 97% LTV mortgage loan is right for you.

Here's a quick rundown of our list:

Who Needs This Loan

San Diego Conventional 97% LTV Mortgage Loan (2019 Update)

If you are looking into getting a house for the first time, then this loan can be great.

There will be some limits on the kind of home and how expensive it can be, but that isn’t necessarily a bad thing.

Getting a reasonably priced home can be a step up from living in an apartment, so it will be worth the time and energy to try and get this loan instead of another.

Getting of an apartment can be your first step after getting married.

Having a house can make you feel a little more settled than having an apartment.

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

Who Can Qualify

San Diego Conventional 97% LTV Mortgage Loan (2019 Update)

When you’re looking at this loan, you will find that the requirements are aimed at people that are similar to people that have never owned homes.

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The requirements are as follows:

  • The property has to be your primary residence

  • The loan must be under $424,100

  • One buyer must not have owned a home in the last three years

  • The property has to be a single unit (or a condo, co-op, or PUD)

  • The loan must be fixed rate

  • The buyer must have a credit score of 620 or higher

These requirements are to make sure that the loan is going to those that are newer or have been away from the market in a while.

Why you haven’t owned a home doesn’t really matter.

It might be because you weren’t making enough money or because you were living by yourself.

The loan amount is quite interesting.

Many single unit homes are under that amount, which means that most homes you would look at will qualify.

The higher limit is probably in place because there are certain areas where homes are much more expensive.

The people there still need help getting into a home as well, so the limit was pushed a little higher to help those individuals that need a house there.

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

It also means that you could possibly get a fairly nice home with a low down payment as well, which is a good plus for those people that want to get a nice home to live in or need something that is big enough for a growing family.


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What Homes Qualify

San Diego Conventional 97% LTV Mortgage Loan (2019 Update)

You may be worried about what homes will qualify.

We have covered that single unit homes along with condos, co-ops, and PUD are available.

But you will also have to make sure that you are getting a home that is under the loan’s limit.

However, the limit of $424,100 shouldn’t be too much of a problem.  

San Diego is one of the counties in the US that has really high home prices. 

You may have to lower your expectations a little bit when you’re getting a home in San Diego County with this loan, but it shouldn’t be impossible for you to find a home that will work within that limit.

If you’re having problems, then use my website to check out homes specifically in the price range around San Diego.

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… 

Should You Apply For This?

San Diego Conventional 97% LTV Mortgage Loan (2019 Update)

This loan is a great alternative to some other loan types that are aimed at low-income individuals.

Many other loans have limits specifically on the amount of the loan.

However, you may find that this loan doesn’t have a high enough limit for the houses that you were looking at.

There are other programs out there that can get you a lower down payment on a larger variety of houses.

However, not all of those programs can match the low down payment that you will find with this loan.

If you have never owned a home or haven’t owned a home in quite a long time, then you may find that this loan is a great option.

In the end, you will have to figure out if you want to get a slightly cheaper house or spend some more time researching all the other loan types out there.

This one is made by Fannie Mae, which means that it will be a great option and will be extremely reliable.

If you were also hoping to get a 2-unit or larger home, then this loan won’t be a good fit as those homes aren’t going to qualify.

If you wanted to have the option of earning rent on a home from someone living in another unit in the home, then you should probably look for another loan.

This might mean that you’ll end with a higher down payment, but you’ll be able to counteract that with the rent that you will eventually earn on the home.

Apply Now: Why wait? Apply online 24/7 using our secure loan application, from any computer or device, and let Scott find the best loan options based on your needs – takes less than 10 minutes…


While the 97% LTV mortgage loan isn’t the only option out there for people that can’t gather enough money for a large down payment, it is a great option for people out there.

If you want to know more about a 97% LTV mortgage loan, check out our pros and cons article, our answers to some common questions, and our article about the loan limits.

If you are uncertain if the loan is the right fit for you, then you may want to check out our article with the reasons why the 97% LTV mortgage loan is right for you.

What do you think?

Leave a comment below - or, call/text me at (760) 297-4539

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