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FHA Loans in Del Mar
Del Mar's coastal market prices most single-family homes well above FHA loan limits. The 2024 FHA ceiling for San Diego County sits at $1,149,825.
Condos and townhomes in Del Mar often fall within FHA range. We see the most FHA activity in attached properties and near-beach smaller homes.
The gap between Del Mar pricing and FHA limits means fewer eligible properties. You'll compete with conventional buyers who can close faster.
FHA requires 3.5% down with 580+ credit. You can qualify with 10% down if your score sits between 500-579.
Debt-to-income can reach 43% with automated underwriting. Some borrowers get approved at 50% with compensating factors.
You'll pay 1.75% upfront mortgage insurance plus 0.55%-0.85% annually. That monthly cost doesn't drop off unless you refinance.
Most lenders offer FHA, but approval speed varies wildly. Local credit unions often take 45+ days while direct FHA lenders close in 21-25 days.
Del Mar condo projects need FHA approval to qualify. Your lender should verify the complex appears on HUD's approved list before you write an offer.
We route FHA deals to lenders who understand coastal properties. Some underwriters flag ocean proximity as high-risk without local experience.
Sellers in Del Mar prefer conventional financing or cash. Your FHA offer needs to be clean: full price, minimal contingencies, fast close.
The FHA appraisal kills more Del Mar deals than credit issues. Appraisers flag peeling paint, cracked concrete, and deferred maintenance.
We've closed FHA loans on Del Mar condos priced $700K-$950K. Anything above $1M typically requires jumbo conventional financing instead.
Conventional loans with 5% down cost less monthly than FHA after year three. The permanent mortgage insurance on FHA adds $400-$600/month.
VA loans beat FHA on every metric if you qualify. Zero down, no mortgage insurance, lower rates.
First-time buyers with limited savings choose FHA despite higher costs. The 3.5% down requirement opens doors that 20% down keeps locked.
Del Mar properties built before 1978 trigger FHA lead paint inspections. Budget an extra week for that process on older homes.
HOA approval in Del Mar complexes takes 10-15 days minimum. Some communities have 35%+ FHA-financed units, hitting the ratio limit.
Coastal Commission jurisdiction affects some Del Mar properties. Your lender needs to verify the home doesn't require special approvals.
Most Del Mar houses exceed the $1,149,825 FHA limit. Your best FHA options are condos, townhomes, and smaller properties in the $700K-$1.1M range.
FHA appraisals require property repairs that sellers don't want to make. Conventional buyers close faster and bring fewer inspection requirements.
We get 620+ approved easily, 580-619 requires clean payment history. Below 580 is possible with 10% down but most Del Mar sellers won't accept it.
Only if the complex appears on HUD's approved condo list. We verify this before you write an offer to avoid wasted time.
You'll pay 1.75% upfront plus 0.55%-0.85% annually. On a $900K loan, that's $15,750 upfront and $412-638 monthly that never drops off.
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.