Mortgages guaranteed or insured by the federal government. Government mortgages include FHA loans (The Federal Housing Administration), VA loans (The Department of Veterans Affairs) and USDA loans (The U.S. Department of Agriculture). The FHA loan limit for a home in San Clemente is $822,375.00...
What is an FHA loan?
The Federal Housing Administration (FHA) administers a program of loan insurance to help expand homeownership. The FHA provides mortgage insurance to FHA approved lenders to protect them against losses, if homeowners default on their mortgage loans. The cost of mortgage insurance is passed along to the homeowners by way of mortgage insurance. Qualifying standards for for FHA loans are generally more flexible than conventional conforming loans, making them a great option for first-time homebuyers, borrowers with less than perfect credit, borrowers qualifying with a non-occupying co-borrower or those using gifted funds for their down-payment. The 2020 FHA loan limit for a home in San Clemente is now $822,375.00 for a single-family residence, $1,053,00.00 for a duplex, $1,272,750.00 for a triplex and $1,581,750.00 for a fourplex. What is a VA loan?
The U.S. Department of Veterans Affairs (VA) guaranteed mortgages are intended to help servicemembers, veterans and their families buy homes. The VA guarantees a portion of the loan to reduce the risk of loss to the lender. Advantages of VA mortgage loans include low and no down-payment options, no requirement for private mortgage insurance and limitations on the closing costs which the veteran can be charged.
To learn more about VA loan limits in San Clemente, please call us today. Military Financial Readiness
offers helpful tips for veterans, including financial considerations for deployment, ways to avoid financial schemes and additional insights into the VA home loan program. Our VA Jumbo Loans are some of the most competitive loans available for home in San Clemente. What is a USDA loan?
The Rural Housing Service (RHS) offers mortgage programs that can help low-to moderate-income rural residents purchase, construct, and repair homes. The RHS both lends directly to qualified borrowers and guarantees loans that meet RHS program requirements made by approved lenders.