Question 1

What is the 2026 conforming loan limit in San Diego County?

Accepted Answer

The 2026 conforming limit is $1,104,000. This applies to conventional, FHA, and VA loans. Jumbo financing starts above this amount.

Question 2

Is San Diego County an FHA high-cost area?

Accepted Answer

Yes. San Diego County is designated an FHA high-cost area for 2026. This affects MIP rates and loan limits for FHA borrowers.

Question 3

Is San Diego County a VA high-cost area?

Accepted Answer

Yes. San Diego County qualifies as a VA high-cost area in 2026. VA funding fees and rates reflect this designation.

Question 4

What credit score do I need to buy in Coronado?

Accepted Answer

Conventional loans typically require 620+ FICO. FHA accepts 580+ FICO with 3.5% down. VA loans usually want 620+ from lenders.

Question 5

How much down payment do I need for a conventional loan?

Accepted Answer

Conventional loans accept 3% to 5% down for qualified buyers. At 20% down or more, you skip PMI entirely. Between 5% and 20%, PMI applies.

Question 6

Do I need PMI on a conventional loan in Coronado?

Accepted Answer

Yes, PMI applies when your down payment is below 20%. At exactly 20% down, PMI is not required. PMI cancels automatically at 78% LTV.

Question 7

What are FHA loan requirements in San Diego County?

Accepted Answer

FHA requires 3.5% down minimum with 580+ FICO. Upfront MIP is 1.75% of the loan amount. Annual MIP runs for life if down payment is under 10%.

Question 8

Can I get a VA loan with zero down in Coronado?

Accepted Answer

Yes. VA loans allow zero-down financing for eligible veterans and active-duty service members. A funding fee replaces PMI (2.15% at zero down for first use).

Question 9

What does the VA funding fee cover?

Accepted Answer

The VA funding fee replaces private mortgage insurance. It protects the lender, not you. Veterans with a 10%+ VA disability rating are exempt from this fee.

Question 10

How does San Diego County's housing construction affect buyer options?

Accepted Answer

San Diego County just completed its biggest year of low-income housing construction in nearly 40 years. More rental inventory may ease pressure on the purchase market.

Question 11

What is the income requirement for a conventional loan in Coronado?

Accepted Answer

Conventional loans typically require a debt-to-income ratio of 43% or lower. San Diego County's median household income is $102,285, which supports loans in the mid-range.

Question 12

Do jumbo loans require a larger down payment?

Accepted Answer

Yes. Jumbo loans above $1,104,000 typically require 20% down minimum. Lenders also want 6–12 months of reserves and 700+ FICO.

Question 13

How long does closing take on a Coronado home purchase?

Accepted Answer

Standard closing takes 30–45 days from application to funding. FHA and VA loans may take 45–60 days due to additional verification steps.

Question 14

What are typical closing costs in San Diego County?

Accepted Answer

Closing costs run 2% to 5% of the loan amount. This includes appraisal, title, underwriting, and lender fees. Seller concessions can reduce your out-of-pocket cost.

Question 15

Can I use a gift for my down payment in Coronado?

Accepted Answer

Yes. Most lenders accept gift funds from family members. You'll need a gift letter stating the money is a gift, not a loan.

Coronado mortgage questions answered