FHA Loans?

RichInLove

Does anyone know anyone who has an FHA loan in San Diego? This seems really rare here but plentiful in  other part of the country.

Cristin Welch

I have not done any research....I think we will go through the Navy Credit Union.

soon2bWardel

I had one in Utah -- but I sold my townhome. It worked great for me. I didn't have a ton of credit, but I was able to show that I always paid my bills on time through other ways.

In San Diego, I think a lot of people have a problem with them because the have a limit of $417K. That's actually going through the gov. right now to change,with the housing crisis and inflation and all that. So a lot of people probably don't go that route because it used to be hard to find something here for $417. Now, there is a lot more, and I've talked to a lot of realtors who are helping their clients get them.

Also, you may not hear about them because there are a lot of ties to the military here, and they can get VA loans. And, a few years ago, people were going the conventional route with adjustable rate mortgages, and those aren't FHA either.

RichInLove

Hrm, that makes sense.

The whole thing is weird to me. Apparently the property has to be pre-approved for FHA and there are certain standards they have to meet.

soon2bWardel

You could probably get a lot of information about it at the San Diego HUD office -- it's not just for low-income housing -- they are doing a lot of free counseling right now because of the "sub prime crisis"  -- usually I just google San Diego HUD. They have contacts of counselors and they'll look all that up.

At least in Utah -- it was very broad and quite a nice process. I got a great interest rate and FHA is really oriented to taking care of the home buyer -- so that might be a problem you're running into, they might be "overly supervisory" -- or maybe some sort of RDA has gotten involved and now they want you to build in RD areas. Sometimes politics gets too complicated! HTH, GL

emmykate

Suuuuper late reply - but - the FHA loan limits went up last week. I'm sure you've all heard by now - but they're now at $697,500 instead of $417,000 - which increased the affordability of many of our local homes. Through FHA - you can buy a home up to $697,500 with only 3% down... super awesome opportunity for move-up buyers and first-timers! The rates look pretty good, too. If any of you guys have questions about this - feel free to email me. emelie@YourCoastalLifestyle.com. I'm not a lender, but have tons of contacts who I can recommend.