San Diego Home Refinance Loans
Mortgage Limits Rise for Home Refinancing

San Diego homeowners are offered discounted home refinance loans with FHA mortgage rates for good and bad credit. The local residents will take advantage of fixed rates for home mortgage refinancing with government and conforming loans that will save them money. Our San Diego FHA lending team provides affordable fixed rate refinance loans for San Diego homeowners with increased loan limits. Recently, we updated our refinance incentives to southern California homeowners from National City to Oceanside. Our San Diego HARP lenders are proud to announce a new refinance program for underwater mortgages under the HARP 2.0.

Higher FHA Mortgage Limits for San Diego Refinance Loans
HUD increased FHA Loan Limits up to $697,500

Southern California residents will benefit from the higher loan limits that exceed the current conventional limit of $417,000, that has held thousands of San Diego homeowners hostage from refinancing their rising adjustable rate mortgages. The updated FHA loan changes can be viewed below by county. Compare the HARP loans in San Diego today and get approved for a low rate loan regardless of your loan to value or negative equity.

San Diego Borrowers Defaulting on Home Loans. Foreclosures Rise Despite Wildfires Destroying Thousands of Homes

Wildfires, fueled by fierce Santa Ana winds, destroyed more than 1,600 homes in Southern California this fall. Residents of Rancho Bernardo, Rancho Santa Fe, Fallbrook, and Poway were among those told to evacuate at the height of the firestorm and there were fears the fires would spread into nearby Encinitas. Many of the county's refugees, especially the ones with horses, took refuge at the Del Mar Fairground.

The FHA offers a natural disaster mortgage loan, and the $362,000 loan limit was just increased to nearly $700,000 for high cost areas in San Diego County.

San Diego Refinance
Home Refinancing Applications are up across California as West Coast homeowners look to refinance into a fixed rate with cash back.
Attention San Diego Homeowners: Southern California home values may be dropped significantly in certain regions, but interest rates have dropped again to the 3-4% range so you can't afford to wait!

Refinance Your ARM Home Loan into Low Fixed Rate Mortgage!

New San Diego FHA Mortgage Limits

MSA Name

County Name

State

One-Family

Two-Family

Three-Family

Four-Family

SAN DIEGO-CARLSBAD-SAN MARCOS,

SAN DIEGO

CA

$697,500

$892,950

$1,079,350

$1,341,350

As a result of the fires, rental prices in nearby communities such as Rancho Penesquitos have increased.

Despite a modest uptick in demand for San Diego housing caused by losses due to the fires, the real estate market in San Diego is troubled. Many homes sold during the real estate boom of the late 1990s and early 2000s were 100 percent financed; the buyers paid no down payment. Indeed, many took out now costly second mortgages for a variety of reasons.

Today, thousands of San Diegans are losing their homes to foreclosure as adjustable rate first and second mortgages with low introductory interest rates continue to rise. The increase in mortgage prices, combined with decreasing home equity and tighter mortgage lending guidelines has caused San Diego home loan defaults to increase by 400 percent in the last quarter over the rate for the same time last year. Most of the defaulted loans that last quarter were taken out between July of 2005 and September of 2006. The average loan's age before owners went into default was 18 months.

Statewide, California foreclosures increased by 40 percent from September to October and there was almost a 600 percent increase in the loan value of foreclosed homes now estimated at some $5 Billion.

Across the country, sub-prime mortgage lenders are going out of business, and lenders are going bankrupt. One of the worst hit communities in San Diego County has been the city of Oceanside, home to many Camp Pendleton Marines. Some of the higher end communities have fared better. The median price of a single-family resale home in upscale La Jolla has only slipped a little over 5 percent. Still, that's down nearly $100,000 from prices last year.

FHA Home Refinance Loans Offer Fixed Rates

FHA Home Mortgages offer 30-year fixed interest rate terms. FHA loans are offered up to 97% rate and term or 95% for refinancing terms with cash out or debt consolidation.

In 2007, the government introduced the FHA Secure loan to aid San Diego homeowners who have fallen behind on their mortgage. Thousands of California borrowers have suffered financially because their adjustable mortgage rate has been rising. Unfortunately most San Diego residents do not qualify for conventional refinancing because guidelines have tightened and property values have deflated. The FHA Secure give borrowers another opportunity to refinance into a fixed rate loan.

FHA home loans offer low fixed mortgage rates
Also read the latest refinance articles: Will The Refinance Boom Last Forever?

 

Resource Tools


Home Refinancing Calculator
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.


California Home Loan and Mortgage Rate Info by City


Loans for San Diego Homeowners
San Diego borrowers have seen the home values drop as residential home sales have become stagnant.

Orange County Loans
O.C. Job growth helped keep property values high for years, but home sales from San Clemente to Huntington Beach have started to dip.


Read Industry News and
Helpful Financing Articles

 

Helpful Mortgage Loan Pages:
Home Equity Refinance | Bad Credit Refinance | State Guide Second Mortgages | State Guide Home Equity Rates | California Mortgage Refinance Loans | California Veteran Home Loans | Underwater Mortgage | Low Credit Score Home Loans | 2015 FHA Loan Limits in California
Additional California Loan Pages:
Avoid Foreclosure with a Short Sale | FHA Home Loans Replace Subprime Mortgages | Foreclosures Rise with Adjustable Rates |
Orange County Borrowers Seek Fixed Rates | California Homeowners seek Jumbo Refinancing
Mortgage Refinancing | Rate Assumptions | Apply Now
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