San Diego's Best Purchase Home Loans - Rates, Limits & Details (2023 Update)

(Please note - these numbers below have been updated for 2023 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 I want to break down the best purchase mortgage loans in San Diego. 

Whether you are looking for DPA or FTHB programs, or no down like USDA or VA, or low down like a conventional or FHA, larger loans like a Jumbo, or maybe something outside these like a self employed or bank statement program. 

In this post I go over:

First - a story.

I have been working with clients that saw one of my videos on the different mortgage loan options in San Diego - and, they were amazed.

They had no idea so many loan options existed - as they had been dealing with their local Credit Union - and, the representative there didn't mention anything about Down Payment Assistance, or the Bank Statement Loan, or how to structure offers where you can get the seller to pay closing costs, use a lender rebate to pay closing costs, and even get a closing cost assistance loan if needed.

Of course, I said - it's very simple.

You walk into a Credit Union, or Bank, and you deal with just that Credit Union, or Bank.

They present just their loan products, no more, no less.

You are a retail client, get retail rates, retail fees, and work with mortgage professionals that have no real world mortgage and real estate experience outside pushing papers around for a paycheck, during the Credit Union or Banks working hours.

They have a box, and they work within that box.

When you work with me - I bought my first property at the age of 21, owned 35 by the age of 30, in several different locations including: San Diego, Riverside County, Argentina, Brazil, Nicaragua, and Panama.

I am approved with something around 40 different wholesale lenders - so, I have access to much more than 1 Credit Union or Bank will.

Do you want just 1 Bank or Credit Union's purchase loans - or, access to 40 different wholesale lenders with many times the options?

You become a wholesale client, get wholesale rates, get wholesale fees, and work with a real estate and mortgage professional that knows the in's and out's from actually doing versus just pushing around paperwork for a paycheck.

Without further ado - let's just into the top purchase mortgage loans in San Diego...

San Diego Down Payment Assistance Program 

This loan is ideal for anyone who has decent credit, has a great income, but doesn't have the 3% down needed for a conventional loan or the 3.5% down needed for an FHA loan.

This is a State program so you can live *anywhere* you want in San Diego (unlike all the other local government programs), can get up to 103% financing (which covers your down payment, loan, and up to 3% of closing costs), can buy up to a $977,500 loan amount, limit your cash out of pocket, and take advantage of the lowest rates right now ever recorded for this loan.

If you think the Down Payment Assistance option might be best for you - watch my video, see the detailed post, and become a DPA expert below...

San Diego $0 Down USDA Home Loan 

This loan is perfect for anyone that wants to live in the countryside of San Diego (check locations here). These are great places such as: Fallbrook, Bonsall, Pauma Valley, Valley Center, Ramona, Julian, Campo, etc.

It's a $0 down loan, has a low upfront loan guarantee (much lower than FHA), has low mortgage insurance monthly (much lower than Conventional or FHA), does *not* have a max sales price limit, and some of the lowest rates right now ever recorded.

If you think the USDA Loan might be best for you - watch my video, see the detailed post, and become a USDA loan expert below...

San Diego $0 Down VA Home Loan 

This loan is awesome for anyone that has served in the military, or is serving now. There are no limitations to where you can live in San Diego - just keep in mind if you are buying a town home/condo - it needs to be on this VA approved list.

It's a $0 down loan, also has a very low upfront VA funding fee, has *no* mortgage insurance monthly (like the USDA, Conventional, and FHA loans do), also does *not* have a max sales price limit, and the lowest rates right now ever recorded.

If you think the VA Loan might be best for you - watch my video, see the detailed post, and become a VA loan expert below...

San Diego 3% Down Conventional Home Loan 

This loan is intended for those that want to live anywhere in San Diego, have the 3% needed to put down, have good credit, and wants the ability to buy a home, town home, or condo with no limitations.

It's a 3% down loan up to a $726,200 loan amount (and 5% down from the $726,200 loan amount up to the $977,500 loan amount), has no upfront mortgage insurance (unlike the USDA, VA, or FHA), has lower mortgage insurance than an FHA loan, and potentially a lower monthly mortgage payment as well.

If you think the Conventional Loan might be best for you - watch my video, see the detailed post, and become a Conventional Loan expert below...

San Diego 3.5% Down FHA Home Loan 

This loan is perfect for borrowers that want the ability to live anywhere in San Diego, have the 3.5% needed to put down, have at least okay credit, and want the ability to have a higher sales price possible than the Conventional Loan.

It's a 3.5% down loan up to a $977,500 loan amount (almost $250,000 more than a conventional loan), allows a higher debt to income ratio (DTI) than the Conventional or USDA Loan, and allows borrowers with less than perfect credit (maybe a bankruptcy, foreclosure, or short sale) to buy at historically low interest rates.

If you think the FHA Loan might be best for you - watch my video, see the detailed post, and become an FHA Loan expert below...

San Diego 10% Down Jumbo Home Loan 

If you are looking to buy in San Diego needing a higher loan limit than $977,501 still want to put down as little as possible, have great credit, this loan is for you.

It allows a down payment for as little as 10%, is intended for loan amounts above the $977,501 limit (which most are in San Diego), and I have wholesale lenders that do *not* need as many months of assets as all the big banks do (you know the ones).

If you think the Jumbo Loan might be best for you - watch my video, see the detailed post, and become a Jumbo Loan expert below...

Apply for Home Loan 

Apply online fast, secure, without any hassles, or obligations 24/7. Whether you are on your smartphone, tablet, or computer - and, should take about 15 minutes whether you are applying by yourself or yourself and a co borrower.  

I would love to help assist you with your home purchase, home sale, or home loan - please feel free to give me a call, text, or use the form below. 

Your Home Loan Insider,

Scott

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