FHA loan San Diego Opens Door for Local Home Buyers
Home prices in the San Diego and surrounding areas are one the rise. According to the California Association of Realtors, the Median sold price of family homes are up 9% from last year and are increasing 1% from month to month. From the average price of $605,000 in May to $612,750 home owners are relying on FHA loan San Diego to make their first home purchase.
San Diego FHA Loan Lender
ABLEnding Inc. is one lender in the San Diego area opening doors for new home buyers. Their California FHA loan, an option that requires smaller closing costs and down payments than traditional loans can help home owners keep up with the rising costs of real estate. These loans, backed by the Federal Housing Administration, mean more options for home mortgages. The FHA insures the loan from a private lender for the client thus keeping costs more affordable.
How San Diego FHA Loans Help
Home owners with credit scores of 580 and above may qualify for a 3.5% down payment option. Though, each private lender will offer home buyers different benefits depending on borrower eligibility. Another added option allowing buyers to beat the rising prices of San Diego real estate is the ability to combine renovation costs with mortgage loans. First time home buyers who aren’t able to find a turn key home can invest in one that they can then renovate to make their own. Additionally, for Californians who want to keep an eco-friendly lifestyle, there is an FHA Energy efficient option that allow expenses related to energy efficient purchases onto the loan as well. Lowering the fees and costs associated with buying a new home in San Diego helps more people’s dreams of owning a home into a reality.
How to Secure a San Diego FHA Loan
ABLEnding Inc. welcomes those looking for home financing options to set up a consultation. Home owners, by bringing in proof of citizenship, their social security number, and personal information can then work with a representative who will determine their qualification for an FHA Loan. A professional lender can assist you to look for private lenders offering loans through the Federal Housing Administration that are a best fit. Once the application process is complete, home owners must wait to be accepted.
Once accepted, they can make an offer on their first home without a financial burden from blocking their way. Those who may not have otherwise been able to make the move in their life now have options with FHA loans in San Diego.