Question 1

What's the 2026 conforming loan limit in San Diego County?

Accepted Answer

The 2026 conforming limit is $1,104,000. Loans above that are jumbo and carry different rates and down payment requirements.

Question 2

Do I need 20% down to buy in Poway?

Accepted Answer

Yes — 20% down avoids PMI entirely. Conventional loans accept 3% to 5% down with PMI. FHA allows 3.5% down with a 580 credit score.

Question 3

Is San Diego a high-cost area for FHA and VA loans?

Accepted Answer

Yes. San Diego County is designated a high-cost area for both FHA and VA loans in 2026. Higher loan limits apply to both programs.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620 to 640 minimum. FHA goes lower—580 with 10% down. VA has no official floor but most lenders want 620 or higher.

Question 5

How does the county median income affect my qualification?

Accepted Answer

San Diego County's median household income is $102,285. Lenders use this to assess debt-to-income limits. Your income must support the monthly payment relative to your debts.

Question 6

What's the difference between FHA and conventional above $1,104,000?

Accepted Answer

Above the conforming limit, you need a jumbo loan. FHA caps at $1,104,000. Jumbo typically requires 20% down and 700+ credit.

Question 7

Can I use a VA loan to buy in Poway without putting money down?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans and active-duty service members. You'll pay a funding fee (2.15% at zero down on first use) rolled into the loan.

Question 8

How long does it take to close on a home in Poway?

Accepted Answer

Typical closing timelines run 30 to 45 days from offer to funding. Appraisals, inspections, and title work are the main variables.

Question 9

What does PMI cost on a conventional loan?

Accepted Answer

PMI varies by credit score, loan amount, and down payment. It cancels automatically at 78% LTV and can be requested at 80% LTV.

Question 10

Do I need to sell my current home before buying in Poway?

Accepted Answer

Not necessarily. Bridge loans and contingent offers exist. Most sellers in Poway prefer non-contingent offers. Having equity strengthens your offer.

Question 11

What are closing costs in San Diego County?

Accepted Answer

Closing costs typically run 2% to 5% of the purchase price. This includes appraisal, title, escrow, insurance, and lender fees.

Question 12

Is Poway a good market for first-time buyers?

Accepted Answer

Poway is competitive and prices are high relative to county income. FHA and CalHFA programs help. A pre-approval and clear budget give you an edge.

Question 13

What's the difference between a rate lock and a float?

Accepted Answer

A rate lock guarantees your rate for a set period (usually 30 to 60 days). A float lets your rate move with the market until you lock.

Question 14

Can I get an FHA loan if I've had a foreclosure?

Accepted Answer

Yes. FHA allows foreclosures after three years. Conventional loans typically require seven years. Your credit score and debt-to-income ratio matter most.

Poway mortgage questions answered