Question 1

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

Accepted Answer

The 2026 conforming limit is $1,104,000. Loans above this amount are jumbo loans. Jumbo loans typically require 20% down and a 700+ credit score.

Question 2

Is San Diego County an FHA high-cost area?

Accepted Answer

Yes. San Diego County is an FHA high-cost area. The FHA limit equals the conforming limit at $1,104,000.

Question 3

Is San Diego County a VA high-cost area?

Accepted Answer

Yes. San Diego County is a VA high-cost area. The VA limit matches the conforming ceiling at $1,104,000.

Question 4

How much down payment do I need to buy in Lemon Grove?

Accepted Answer

Conventional loans typically require 5% to 20% down. FHA requires 3.5% down with a 580+ credit score. VA offers zero-down for eligible veterans.

Question 5

What credit score do I need for an FHA loan?

Accepted Answer

FHA requires a minimum 580 FICO score for a 3.5% down payment. Some lenders require 620+ for better rates. Your approval depends on your full financial profile.

Question 6

Do I need PMI on a conventional loan?

Accepted Answer

Yes, if you put down less than 20%. PMI is required when your down payment is below 20%. PMI cancels automatically at 78% LTV.

Question 7

How does San Diego County's housing growth affect Lemon Grove buyers?

Accepted Answer

The county's record housing construction signals ongoing investment in the area. More housing supply can moderate price pressure over time. This supports stable long-term value for buyers.

Question 8

What is the FHA upfront mortgage insurance premium?

Accepted Answer

FHA charges 1.75% of the loan amount as an upfront mortgage insurance premium. This is rolled into your loan balance. Annual MIP applies for the life of the loan if down payment is under 10%.

Question 9

Can I get a VA loan with zero down?

Accepted Answer

Yes. VA loans offer zero-down financing for eligible veterans and active duty service members. A funding fee applies instead of PMI, typically 2.15% at zero down.

Question 10

What is the VA funding fee and when is it waived?

Accepted Answer

The VA funding fee is 2.15% of the loan amount for first-time zero-down use. It is waived only for veterans with a 10% or higher VA disability rating.

Question 11

How do jumbo loans work above $1,104,000?

Accepted Answer

Jumbo loans above $1,104,000 typically require 20% down and a 700+ credit score. Rates usually run 0.125% to 0.5% above conforming rates. Lenders often require 6-12 months of reserves.

Question 12

What is the median household income in San Diego County?

Accepted Answer

San Diego County's median household income is $102,285. This figure helps determine income eligibility for some loan programs. It also provides context to regional affordability.

Question 13

How long does it take to close a mortgage?

Accepted Answer

Most conventional loans close in 30 to 45 days from application to funding. FHA and VA loans may take 45 to 60 days. Your timeline depends on document readiness.

Question 14

What closing costs should I expect?

Accepted Answer

Closing costs typically range from 2% to 5% of the purchase price. This includes appraisal, title insurance, escrow, and lender fees. Your loan officer can provide an itemized estimate within three days.

Question 15

Can I use a gift for my down payment?

Accepted Answer

Yes. Most lenders allow gift funds for down payment and closing costs. The gift giver must provide a signed letter stating the funds are a gift, not a loan.

Mortgage questions from Lemon Grove buyers