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FHA Loans in Coronado
Coronado's island properties rarely fit FHA loan limits. Most single-family homes here exceed FHA's 2024 ceiling of $1,149,825 for San Diego County.
Condos at The Shores or Coronado Cays occasionally fall within range. Townhomes under $1.1M represent your best FHA opportunity on the island.
Veterans should compare VA loans before choosing FHA. Both offer low down payments, but VA eliminates mortgage insurance entirely for qualified service members.
You need 3.5% down with a 580 credit score. A 620 score opens more lender options and better rates from our wholesale network.
FHA allows 43% debt-to-income with compensating factors like reserves. We've closed Coronado deals at 50% DTI when the borrower had strong savings.
Previous bankruptcy doesn't disqualify you. FHA accepts applications two years after discharge, versus four years for most conventional loans.
Not all lenders price FHA competitively in San Diego County. We compare rates across 200+ wholesale sources to find who's aggressive this week.
Condo approval depends on HOA certification. Many Coronado buildings lack FHA approval, killing deals before underwriting starts.
Lenders scrutinize island flood zones carefully. Properties in FEMA Zone VE require flood insurance that can add $2,000-$5,000 annually to housing costs.
I tell Coronado buyers to run total housing costs before falling in love with FHA. Mortgage insurance, HOA dues, and flood premiums often push payments higher than expected.
The FHA appraisal can kill deals on older island properties. Peeling paint or chipped stucco triggers repair requirements that sellers won't always fix.
If you're putting 10% down, conventional loans sometimes cost less monthly despite higher rates. FHA mortgage insurance stays for the loan's life on 3.5% down deals.
VA loans eliminate the 1.75% upfront funding fee that FHA charges. For a $900,000 Coronado condo, that's $15,750 added to your loan balance on day one.
Conventional loans require 5% down but drop mortgage insurance once you hit 20% equity. FHA never drops MI on loans originated with less than 10% down.
Jumbo loans dominate Coronado for good reason. If you need to borrow above $1.1M, you skip FHA entirely and often get better rates with strong credit.
Coronado's military population makes VA loans the dominant low-down-payment program. FHA sees less volume here than other San Diego cities.
The island's strict building codes mean fewer properties pass FHA's property condition requirements. Buyers compete for the limited FHA-eligible inventory.
Bridge traffic and tunnel access don't affect FHA approval. But condos near North Island flight paths sometimes appraise lower due to noise easements.
HOA restrictions at some Coronado buildings prohibit FHA financing entirely. We verify HOA policy before you waste time on inspections.
Yes, FHA is available to all qualified buyers. You'll compete with VA buyers who often waive appraisal gaps, giving them an edge in multiple offer situations.
$1,149,825 for single-family homes in San Diego County. Most Coronado properties exceed this limit and require jumbo financing instead.
Only if the HOA maintains FHA certification. Many Coronado buildings aren't certified, so verify eligibility before making an offer on any condo.
1.75% upfront plus 0.55-0.85% annually based on loan amount and down payment. On a $900K loan, expect $950-$1,275 monthly for MI alone.
No, FHA requires owner occupancy. You must live in the property as your primary residence for at least one year after closing.
Flood insurance is required but doesn't block approval. Lenders include the premium in your debt-to-income ratio, which can limit your buying power.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.