If you’re starting to look for a house, then you know the importance of getting the right type of mortgage loan.
While I have mentioned all the different types of loans that you can get on my blog, you may still need some help deciding which type of mortgage loan is right for you.
Here's a quick rundown of our list:
Let’s start talking about the FHA mortgage loan.
San Diego CA FHA Mortgage Loan Limits for Different Units of Homes
FHA loan limits aren’t just a single number that works for all the different states and counties around the country.
Instead of trying to find a number that would work across the country, the FHA decided to put limits in based on the location.
The mortgage rates also vary depending on location and market.
You can check out the latest mortgage rates for not only FHA loan but many other types of loans as well.
The FHA tries to adjust the prices every year to account for the fact that the price of housing changes.
The changes made for the 2019 year were larger than before, but that’s because there’s been a spike in the prices of homes across the country.
For the San Diego area, the limits are higher than elsewhere because of the cost of the homes in that area.
This practice ensures that everyone that tries to get a house in a specific area can afford the property.
Of course, if you take a look at my website, you’ll find tons of properties that are going to be in a range that you should be able to afford within these different loan limits.
The loan limits also vary based on the kind of home that you are trying to purchase.
If you decide that you want to learn more about FHA loans, then take a look at our guide to the FHA loan to see if this is the direction that you want to.
A 1 unit home or a single family home.
These homes are made for a single family unit, so they might be a limit bit smaller.
The smaller size also means that the home is cheaper than the other types of homes on this list.
A single unit home isn’t for everyone, even though it seems like the safer option.
If you are interested in getting a single unit home in San Diego, the 2019 FHA loan limit is $612,950.
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A duplex is a building that has two separate apartments within it.
If the building is split down the middle, then there will two entrances on the front of the building.
A duplex can also be split so that a two story building has one living space on the first floor and one on the second.
Buying a duplex can offer an opportunity for someone to rent out the second living space.
Of course, you don’t have to rent it out.
If there is an older family member that wants to be nearby, then they could become part of the family and live in the second unit.
How that second section of the house is used is up to the owner.
The loan limit for a duplex is $784,700 in San Diego.
The increase in the loan amount is a reflection of the slightly larger building that you would be purchasing.
The 3 unit home is called a triplex.
While this kind of house might be more uncommon than a duplex, it offers the same kind of benefits that a duplex does.
This building would allow you to rent out two ‘apartments’ and earn two sources of rent income with your main home purchase.
In addition to providing you income, the fact that you would be earning rent can help qualify you for the FHA loan that you would need to purchase a duplex, triplex, or fourplex.
These buildings will be a great investment in the long run that won’t cost you a fortune up front.
The current loan limit for a San Diego triplex is $948,500.
There are many out there that wish they would have purchased a fourplex with an FHA loan because of the long-term benefits that it could have offered them.
Not only would you have your own home, but you would have 3 apartments to earn rent from.
Even after you finished paying off the mortgage, you would still be earning income from the home.
If you purchased a fourplex early on and paid off the mortgage, you could eventually move out of the fourth unit and rent that out as well.
This kind of home is great for those that want to plan ahead.
It might also be a great way to get into renting without having to manage a completely separate property.
The loan limit for a fourplex in San Diego is $1,178,750.
This is the largest loan that you will be able to get from a lender.
What do you think?
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