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.
San Diego Mortgage Limits Rise for Home Refinancing
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 mortgage lenders are proud to announce a new refinance program for underwater mortgages under the HARP 3.0.
Higher FHA Mortgage Limits for San Diego Refinance Loans Exceed 1 Million
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. Check the FHA loan limits in California.
What is the San Diego Loan Limits for FHA in 2024?
HUD increased FHA Loan Limits up to $1,006,250 on 1 unit and 1,557,150 for 3-unit homes in 2024. This is a significant opportunity for San Diego homeowners to refinance into large mortgage at an affordable rate.
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.
Even in a higher-interest-rate environment, refinancing could still be a smart move for your financial situation. BD Nationwide can connect you with the top San Diego lenders for refinancing and home equity loans across various categories to help you find the one that best suits your needs.
Top 4 Reasons to Refinance Your Home in San Diego
- Shorten the Term of Your Mortgage: Refinancing from a 30-year mortgage to a shorter-term loan (such as 15 or 20 years) might increase your monthly payment, even with a lower interest rate. However, it reduces the total interest paid over the life of the mortgage and allows you to pay off your mortgage sooner.
- Eliminate PMI or Mortgage Insurance: If you purchased your home with a conventional loan and a down payment of less than 20%, you likely have to pay for private mortgage insurance (PMI). Refinancing can help you eliminate PMI on a conventional loan, and if you have an FHA loan, it’s the only way to remove FHA mortgage insurance.
- Change Your Loan Type: If you’re dealing with the uncertainty of an adjustable-rate mortgage, refinancing to a fixed-rate loan can provide stability by locking in your interest rate. Additionally, if you initially bought your home with an FHA loan but now qualify for a conventional loan, refinancing could allow you to make that switch.
- Cash Out: A cash out refinance mortgage lets you borrow more than your current loan balance, giving you the difference in cash. This is a popular option for funding major home improvements or other significant expenses.
San Diego Mortgage News
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!