San Diego FHA Cash Out Refinance Home Loan (Updated Numbers and Details for 2022)

(Please note - these numbers below have been updated for 2022 and are specifically for San Diego however we can do loans throughout California. We do our best to make sure everything is correct at the time you are reading it.)

✍️ In this post we break down the ins and outs of the fha cash out refinance home loan in San Diego

✍️This mortgage loan is great if you have an fha loan, have built up some equity over the years, and want to take some cash out to use as you wish. 

In this post I cover:


Here's the main points and highlights of the program... 

(Please keep in mind I am approved with 40 +/- wholesale lenders in the state of California and each lender will have different FHA Cash Out Loan requirements. Things like credit scores, months reserves, DTI's, etc can vary from lender to lender and the below are used for examples.)

✍️ You do *not* need to be a first time home buyer - you can have never owned before and/or never owned anything ever (I get this is for someone who currently has an fha loan but some people like to plan in advance). 

✍️ This will work for anyone looking to *live* in the home as their primary residence (does not work on second home, vacation home, or investment properties).

✍️ This works on any livable home, PUD (planned urban development), town home/condo (that is an FHA approved complex), and livable 2 unit, 3 unit, and 4 unit properties. I do not personally deal with land, mobile, or manufactured homes.

✍️ The minimum credit score needed is a 500 middle credit score - however, higher the better for cash outs. (Keep in mind if it's you we use your middle score and if it's you and a co-borrower we use the lowest middle score. We do *not* rely on Credit Karma, or Credit Sesame, or any of these. When we pull your credit report thats the score we use.)

✍️ The maximum loan to value (LTV) we can do is UP TO 85% depending on the type of property it is (Meaning: if it's a home you can get a higher LTV than a 4 unit). 

➡️ Example: Let's say your home appraises for $1,000,000 the maximum new loan amount can be $850,000 = 85% LTV. 

✍️ The maximum debt to income (DTI) ratio we can do is UP TO 56.99%. (We get this by adding up your total debts on your credit report + new housing payment / average monthly gross income over 12 months. 

➡️ Example: We add up your current debts + future housing payment and they are $5699. That means your minimum monthly gross income needs to be $10,000 or more = 56.99% max DTI allowed per fha. 

✔️ The maximum loan amounts in San Diego county are as follows:

➡️ Max loan amount for a 1 unit is $879,750

➡️ Max loan amount for a 2 unit is $1,126,250

➡️ Max loan amount for  3 unit is $1,361,350

➡️ Max loan amount for a 4 unit is $1,691,850

✍️ This loan works for for anyone that has a full time job or business for at least 2 years or longer (It's not just limited to first time home buyers, those with limited income, or those with less than perfect credit.)

✔️ The waiting periods for the FHA loan are as follows:

➡️ 2 years from Chapter 7 discharge date 

➡️ 3 years if you have a foreclosure

➡️ 3 years if you have a short sale


Here's 5 typical questions I get (and how I answer them)... 

(Please keep in mind your personal situation might be different and these are used as examples only).

Question #1: How do I know what my house's true value is?

We will be doing a full fha appraisal by a licensed 3rd party home appraiser to see based on comparables. Your value is usually determined by 3 to 6 recent sales of homes just like yours in your immediate area. 

Question #2: If I have an FHA loan now - what is the soonest I can refinance?

You usually need to have had your current fha loan for a minimum of 210 days from when that one closed to when your new one closed. Usually, on an fha cash out we dont have this issue and you bought at least a year or more ago as we need to have a minimum of 15% equity or more. 

Question #3: How can I pay for closing costs?

Closing costs can be paid a few ones. We can potentially use a lender rebate to cover costs, you can roll them into the loan amount itself, or you can pay these out of pocket - or, we can use a combination of all three options. 

Question #4: I have an FHA loan now with an impound account what happens to that money?

Your new loan, will pay off your old loan, and your old lender will reimburse you anything that was left over in your impound account usually within 21 business days. 

Question #5: How long does it take to get the money on the cash out?

From start to finish on the loan it will take about 30 days or less. Then, after the loan closes with escrow, escrow will be seding you the check or wire however you choose, within about 5 business days. 


Here's 5 secrets of this loan (or misconceptions) you might not be aware of... 

(Please keep in mind your personal situation might be different and these are used as examples only).

➡️ Secret #1: You can use the cash out for anything

Don't worry, when you get your cash out, you can use that for anything you wish. Whether that's improvements on your place, paying off debts, making investments, take trips, building up a "just in case fund", etc. 

➡️ Secret #2: You can skip a mortgage payment (or two)

Depending on when we close the loan, and when you made your last payment, would determine if you are able to skip one mortgage payment, or two, which keeps more money in your pocket. 

➡️ Secret #3: Your home is (probably) worth more than what you think

With the drastic run up in San Diego home values since 2012, and depending on when you bought yours, and for how much, I wouldn't be surprised if your home is worth more than you think. 

➡️ Secret #4: You can use your cash out refinance to buy another real estate investment

While you can only use an FHA loan as owner occupied you can do a cash out refinance on your primary home with an fha loan and then use the proceeds to put down on a vacation home or investment property and use another type of loan like a conventional or jumbo loan

➡️ Secret #5: You don't have to have an fha loan now

Let's assume you have a usda or conventional loan now, and for whatever reason you can't or don't want to use those loans to refinance, you can use an fha cash out refinance instead. 


Basic documentation needed from you (or you and co borrower) to begin... 

(Please keep in mind these are the basic documents we will probably need. Depending on your personal situation we may need more or less and will advise accordingly). 

✔️ Copy of your drivers license (screen shot is fine)

✔️ Copy of your social security card (screen shot is fine)

✔️ Last 30 days paychecks (you should get these from your employer via email and PDF each time you are paid). 

✔️ Last 2 months bank statements - all pages (You just log into wherever you have a bank acount online and save the last 2 months via PDF.)

✔️ Last 2 years taxes and W2's - If you do not have them you can get them from the IRS website here

✔️ Latest statements if you have anything like: 401(k), retirement, stocks, bonds, mutual funds, etc

✔️ If you are self employed we will need last 2 years taxes and W2's (if applicable) as well as year to date profit and loss sign and dated (you can do this - doesn't need to be a CPA). 

✔️ We can potentially need more depending on this like: pay or collect child support, have been divorced, have had a short sale or foreclosure, have filed bankrupcty, have rental properties, etc. 


Here's your steps to begin right now... 

  1. Fill out my online application at Scotts Loan App.com. If it's just you - then you fill it out just for yourself. If you are married - it's you and your spouse (regardless if they work or not, their income, their credit, etc.) If its you and a co borrower - then you both fill it out.

  2. Once complete I will be alerted, check everything over, send you out a list of needed supporting documents, and clarify anything if needed

  3. Once I get the needed supporting documents from you I will double check th application, your needed supporting documents, pull your credit report (it's currently $38 +/- and I pay for that), and get back to you with best scenarios.

  4. If an fha loan doesn't work for whatever reason we can always look at going with another loan program that's better suited for your needs. 


☎ I would love to help assist you with your fha cash out loan - please feel free to give me a call, text, or use the form below. 

Your FHA Cash Out Loan Insider,

Scott

Get Scott's Personal Help Below...

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San Diego FHA Approved Homes, Townhomes, and Condos for Sale

189 Properties
Page 1 of 6
$599,000
Neighborhood: Serra Mesa
4
Beds
2
Baths
1,275
Sq.Ft.
1975
Year Built
1
Day on Site
305451650
MLS
Rare 4 bedroom Top Floor Corner unit with Vaulted Ceilings and views facing the airport! This home features dual pane windows, in unit Washer/Dryer hookups & private balcony with large storage closet....
2
Beds
1F11/2
Baths
936
Sq.Ft.
1975
Year Built
1
Day on Site
305451659
MLS
Welcome to 3262 Ashford St Unit I, this property features a 2 bedroom 1 and half condo with wood and laminate flooring. The bathrooms have beautiful white counter tops with tub and shower combo....
$736,000
Neighborhood: Riverview At Santee
3
Beds
3
Baths
1,384
Sq.Ft.
2022
Year Built
1
Day on Site
305451744
MLS
MLS# EV2210222 * REPRESENTATIVE PHOTOS ADDED! November Completion - Plan 2! With 3 bedrooms, 3 baths, and 1,384 sqft of living space, the Plan 2 at Riverview is a luxurious townhome style condo with...
Coming Soon on 05/31
11342 Provencal Place San Diego, CA 92128
$699,999
Neighborhood: Provencal Place
2
Beds
2
Baths
1,002
Sq.Ft.
1993
Year Built
1
Day on Site
220011942
MLS
This beautiful 2 Bedroom 2 Bath Condo is located in the heart of Carmel Mountain Ranch and features Vaulted Ceilings and Open Living Area which makes it live much Larger. This lovely gated complex is...
$595,000
Neighborhood: South San Diego
2
Beds
2F11/2
Baths
1,340
Sq.Ft.
2019
Year Built
1
Day on Site
220011948
MLS
SPECTACULAR TOWN HOME- SHOWS LIKE A MODEL- FULLY FURNISHED EXCEPT SECOND BEDROOM - GATED COMMUNITY- OPEN FLOOR PLAN- A DELIGHTFULL CHEFS KITCHEN WITH HUGE CENTER ISLAND- GRANITE COUNTERTOPS THROUGH...
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350 11Th Ave #134 San Diego, CA 92101
$1,050,000
Neighborhood: East Village
1
Beds
1F11/2
Baths
1,379
Sq.Ft.
2007
Year Built
1
Day on Site
220011962
MLS
Fully Remodeled Entertainers Dream live/work space in the desirable Icon building. Located just 1 block from Petco Park! This exceptionally designed condo offers a living space/ and store front...
$1,690,000
Neighborhood: Renaissance La Jolla
4
Beds
3F11/2
Baths
2,817
Sq.Ft.
1995
Year Built
1
Day on Site
220011968
MLS
This is it! Luxurious home in prime, gated community in Renaissance in University City. Very Spacious floor plan with 4 bedrooms and 2817 square feet. Richly-appointed spaces include large gathering...
$774,803
Neighborhood: Riverview At Santee
3
Beds
3
Baths
1,384
Sq.Ft.
2020
Year Built
1
Day on Site
305452159
MLS
MLS#EV22103384~ MODEL HOME for Sale! November Closing! With 3 bedrooms, 3 baths, and 1,384 square feet of living space, the Plan 2 at Riverview is a luxurious townhome style condo with everything you...
2
Beds
2
Baths
944
Sq.Ft.
1994
Year Built
1
Day on Site
305449895
MLS
Move-in ready 2-bed, 2-bath condo in the beautiful and conveniently located gated community of Waterbridge! Recent upgrades include LG stainless steel kitchen appliances, lighting, paint, washer &...
2
Beds
1
Baths
827
Sq.Ft.
1976
Year Built
1
Day on Site
305452194
MLS
MOVE IN READY!! Great starter home in Oceanside. 2 bedroom 1 bath 1 car garage. Finished garage! About 6 miles to the beach! Close to all your shopping and dining locations. Easy freeway access....
$578,000
Neighborhood: 4S Ranch
1
Beds
1F11/2
Baths
965
Sq.Ft.
2006
Year Built
1
Day on Site
305452314
MLS
Welcome home to this wonderful condo in the heart of 4S Ranch. This light and bright home features beautiful wood floors, open living space, large master bedroom, bonus room/loft & large open kitchen...
$899,200
Neighborhood: Sdce
5
Beds
3
Baths
2,685
Sq.Ft.
2001
Year Built
1
Day on Site
305452317
MLS
Just in time for summer! This beautiful 2685 sqft custom home with a lovely, private, refreshing IN-GROUND POOL can be yours in just 30 days! A very well maintained and lovingly cared for home. 3 car...
Coming Soon on 05/21
959 America Way Del Mar, CA 92014
$1,700,000
Neighborhood: Spindrift
2
Beds
2F11/2
Baths
2,023
Sq.Ft.
1986
Year Built
2
Days on Site
220011891
MLS
The definition of design is the arrangement of elements, aspects, and details that produce a work of art. 959 America Way is the quintessential example of such. This stunning 2 Bed, 2.5 Bathroom,...
$729,000
Neighborhood: Heritage
4
Beds
2
Baths
1,226
Sq.Ft.
1964
Year Built
2
Days on Site
305358724
MLS
Beautiful Single Story four bedroom/ two bath home with title flooring throughout. This wonderful home offers: Living room with fireplace, separate dining room, updated kitchen with granite counters....
5
Beds
3
Baths
3,708
Sq.Ft.
2006
Year Built
2
Days on Site
305451560
MLS
Stunning Woods Valley dream home on corner lot with paid solar, gorgeous pool and coveted layout! Walk through the double door entry to the spacious open living room with gas fireplace and views of...
2
Beds
1
Baths
757
Sq.Ft.
1982
Year Built
3
Days on Site
305447772
MLS
Two story townhome with an attached single car garage and an additional covered parking space next to the garage. 1 bedroom with a very rare and beautifully done private loft with custom railing!...
$595,000
Neighborhood: Otay Ranch
3
Beds
2F11/2
Baths
1,504
Sq.Ft.
2016
Year Built
3
Days on Site
220011839
MLS
This lovely three-story condo situated in the quiet and desirable Community of Otay Ranch offers two spacious master suites with en-suite bathrooms and a den that can be converted into an...
$440,000
Neighborhood: Clairemont Mesa
2
Beds
1
Baths
909
Sq.Ft.
1973
Year Built
3
Days on Site
305450987
MLS
Completely redone brand new! End and lower unit in private location! All new cabinets, kitchen, bath, windows, flooring, fixtures, lighting and more! Shows perfect and turn-key! Indoor laundry closet....
$449,000
Neighborhood: East Village
1
Beds
1
Baths
720
Sq.Ft.
2003
Year Built
3
Days on Site
220011851
MLS
This beautifully appointed condo has a spacious, open loft floor plan with gorgeous upgrades that include a built-in fireplace, wood flooring, electronic window shades as well as electronic enclosure...
Coming Soon on 05/21
8749 Lake Murray Blvd #1 San Diego, CA 92119
$569,900
Neighborhood: San Carlos
2
Beds
2
Baths
1,114
Sq.Ft.
1972
Year Built
3
Days on Site
220011862
MLS
Corner-end unit beautifully maintained since undergoing a full remodel in 2020. At 1,114 sq ft, the 2 bedrooms 1 full bath + 3/4 bathroom open floorplan can make this single-story condo a highly...
$1,275,000
Neighborhood: Del Sur
3
Beds
2F11/2
Baths
2,086
Sq.Ft.
2016
Year Built
4
Days on Site
220011716
MLS
Meticulously maintained end unit townhome in the private gated Veridian community. A few of the home s elegant features include: Open concept layout, downstairs hardwood French Oak flooring,...
$550,000
Neighborhood: Escondido Hills
3
Beds
2
Baths
1,237
Sq.Ft.
1972
Year Built
4
Days on Site
220011719
MLS
Escondido Hills Townhome on a cul-de-sac. Home is in need of a facelift, but that fact has been reflected in the asking price. 2 car attached garage. Low HOA fee ($85/month) includes community pools...
$499,900
Neighborhood: Rancho Bernardo
1
Beds
1
Baths
817
Sq.Ft.
1985
Year Built
4
Days on Site
220011725
MLS
Stunning Bernardo Pines condominium in great location within the community! This sprawling top floor open floor plan unit features soaring vaulted ceilings and geometric windows creating...
1
Beds
1
Baths
686
Sq.Ft.
1978
Year Built
4
Days on Site
305449892
MLS
Welcome home to your beautifully remodeled single story End Unit tucked back in the corner of thetranquil community of Quail Creek amongthe trees!! Throughout, youll enjoy the New designer inspired...
$490,000
Neighborhood: Shadowridge
1
Beds
1
Baths
865
Sq.Ft.
1987
Year Built
4
Days on Site
305450004
MLS
Rarely available one bedroom plus office/optional second bedroom, one bath condo available in Aspens, the most beautiful complex in Shadowridge. This lovely, upgraded, ground level corner unit has a...
$475,000
Neighborhood: College Grove
2
Beds
2
Baths
1,134
Sq.Ft.
1985
Year Built
4
Days on Site
305450118
MLS
Welcome to 3955 Faircross Place #80. This top floor, corner unit is a 2 bedroom, 2 bath condo with dual master suites. Ideal for rental income or roomate situation. One of only 4 units in the...
$804,605
Neighborhood: Riverview
3
Beds
2F21/2
Baths
1,548
Sq.Ft.
2022
Year Built
4
Days on Site
305450137
MLS
MLS#EV22100603 *REPRESENTATIVE PHOTOS ADDED! Ready Now! The Plan 3 at Riverview is a luxurious townhome style condo that provides privacy, convenience, and style! Spend less time doing yardwork and...
2
Beds
1
Baths
728
Sq.Ft.
1971
Year Built
4
Days on Site
305450216
MLS
Great condo located in the quiet development of Wintergardens Terrace. This charming unit has fresh paint, and brand new carpet throughout. Other features of this property include in-unit washer &...
$469,000
Neighborhood: Normal Heights
2
Beds
1
Baths
820
Sq.Ft.
1975
Year Built
4
Days on Site
220011757
MLS
Well maintained Normal Heights upper-level condo with desirable Western facing views. Enjoy the sunset everyday from your own home! Great for first time home buyers. Prime location in Normal Heights,...
$575,000
Neighborhood: East Village
2
Beds
1
Baths
966
Sq.Ft.
2005
Year Built
4
Days on Site
220011765
MLS
Enjoy downtown San Diego's vibrant scene in the East Village's Metrome. This one bedroom condo with a den/optional bedroom is located only two blocks from the excitement of Petco Park and minutes...
$539,900
Neighborhood: Bankers Hill
1
Beds
1
Baths
974
Sq.Ft.
1970
Year Built
4
Days on Site
220011789
MLS
Banker's Hill condo with large south facing balcony awaits your personal touches. Walk-in shower and separate bathtub. Amazing location near Balboa Park, local restaurants, Hillcrest, Little Italy,...
$635,000
Neighborhood: Lomas Del Oro
3
Beds
2
Baths
1,141
Sq.Ft.
1990
Year Built
4
Days on Site
305450331
MLS
Gorgeous, downstairs 3 bedroom 2 bath condo, 1141 sqft in the beautiful gated community of Lomas De Oro. Peaceful views of the community green belt with ocean breezes and minutes to local beaches,...
4
Beds
3F11/2
Baths
2,366
Sq.Ft.
2015
Year Built
4
Days on Site
305450380
MLS
Beautiful 4 bedroom, 3.5 bathroom, 3 story condo in the planned neighborhood of Tosara in Chula Vista's Montecito Community! Enjoy a gated front courtyard entry to laminate wood flooring, ceiling...
Coming Soon on 06/02
3431 Mission Mesa Way San Diego, CA 92120
$899,000
Neighborhood: Mariposa Community Park
3
Beds
2F11/2
Baths
1,802
Sq.Ft.
1984
Year Built
4
Days on Site
220011782
MLS
Upgraded corner unit, largest floor plan in complex, very low HOAs, unit has new cabinets, countertops, newer appliances, and bathrooms upgraded.
$505,000
Neighborhood: Oceana IV
2
Beds
2
Baths
1,056
Sq.Ft.
1983
Year Built
4
Days on Site
220011773
MLS
Light and bright two-bedroom, two-bath home in the active 55+ Oceana IV community in Oceanside. This single-story property, with an attached one-car garage, is situated along a gorgeous and quiet...
Coming Soon on 05/19
9454 Twin Trails Dr #206 San Diego, CA 92129
$609,000
Neighborhood: Casablanca
2
Beds
2
Baths
927
Sq.Ft.
1986
Year Built
4
Days on Site
220011770
MLS
Well maintained single-story top floor condo located within the highly desirable community of Casablanca in Rancho Penasquitos. Situated in a very quiet corner overlooking the inner courtyard with...

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