San Diego Conforming Loan Limits for 2022
The majority of the mortgages available today have a maximum loan limit for borrowers. The limit changes for each county, some counties are considered high-cost while others are not.
This is true for conventional mortgage loans as well as government-backed programs like FHA.
Borrowers who want to use a Conventional home loan or FHA must adhere to these restrictions.
San Diego Conforming Loan Limits Conventional – 2022
The conventional loan limit for San Diego County is:
- $879,750 for a 1 unit
- $1,126,250 for a 2 unit
- $1,361,350 for a 3 unit
- $1,691,850 for a 4 unit
The baseline county limit for all states is $647,200
How do the county limits affect you?
It affects the amount of down payment that you would need to make.
There are several down payment options on a Conventional Loan.
If you wanted to make a 3% down payment, the max loan amount is $647,200. If you go above this amount, a larger down payment would be required.
3% down payment is for first time home buyers only, and is limited to a $647,200 loan amount in all states and counties.
Note: Manufactured homes require a minimum down payment of 5% even if the loan amount is less than $647,200.
5% down payment limits
If you wanted to make a 5% down payment, the max loan amount is $879,750 which is a purchase price of $926,000.
Going above an $879,750 loan amount would require a larger down payment.
If you are interested in purchasing for more than $926,000 and want to keep your down payment within the 5% range, a NonQM loan may be a better option for you.
San Diego FHA Loan Limit – 2022
The FHA program works a bit differently than Conventional.
It’s more lenient when it comes to down payment, credit scores, and debt-ratios, but in today’s market sellers prefer accepting an offer with a buyer using conventional financing rather than FHA.
The FHA county limit for San Diego is $879,750, which means you can get an FHA loan with only a 3.5% down payment.
More info that may be of interest to you:
- Difference between a Conventional and FHA loan
- First time home buyer guide
- 5 Reasons to Buy a House in San Diego
- Don’t do these things before closing on your VA Loan
- Whats the best loan for a first time home buyer?
- VA Streamline Refinance
- Benefits of an FHA Loan
- Don’t have a Down Payment – Get a Gift – What are Gift Funds?
- Townhome vs. Condo – What is the difference?
- Steps to apply for FHA Construction Loan
- 3 Major Advantages of Buying vs. Renting a Home
- Steps to apply for a VA Home Loan
- What credit score is needed to buy a house?