Mortgage rates for San Diego, California go down to 3.00%

Mortgage rates for San Diego, California on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for San Diego, California is now at 4.56%.

San Diego Home Loan Programs

Interested in a buying a San Diego home, and curious about your financing options? Explore everything from government-backed, VA, and first time homebuyer assistance loans to mortgage tax credits and more in Lender411's comprehensive guide to San Diego mortgage. 

Jump to each section by clicking: FHA Loans | VA Loans | San Diego Mortgage Rates.

First Time Homebuyers

If you're looking for financing assistance for your first home, the San Diego Housing Commission, or SDHC, is a local entity that facilitates a number of helpful programs:

3% Interest Deferred Payment Loans

Pay only 3 percent down and receive up to 17 percent of your new home's purchase price for mortgage assistance. You will not have to pay back the assistance for 30 years, given the home is not sold or no longer owner-occupied. Borrowers must earn no more than 100 percent of their area's median income (AMI) and attend homebuyer education classes to qualify. 

Closing Cost Assistance

Receive up to 4 percent of your new home's purchase price or $15,000 - whichever is less - to help finance the closing of the mortgage. Borrowers eligible for this program must earn no more than 80 percent the local median income.

If your income is greater than 80 but no larger than 100 percent of the local median income, you may be eligible for 4 percent of the new home purchase price or $10,000 - whichever is less. 

The funds must be repaid if the home is no longer owner occupied, sold or refinanced within the first six years. After the six year period has passed, the loan is forgiven. 

Mortgage Credit Certificates

If your annual income does not exceed 140 percent of the local median, you may be eligible for a federal income tax credit equal to 15 or 20 percent of your annually paid mortgage interest for as long as you occupy your home. Your income taxes will not be as heavy, freeing up cash to go towards financing a mortgage. The tax may have to be repaid if you sell or move out of your residence within the first nine years. 

Looking for information about FHA?

FHA loans are insured by the Federal Housing Administration, and have long been a favorite option for San Diego first time homebuyers and homebuyers with smaller savings, thanks to their low down payment requirements and lenient credit standards. Take a look at current FHA loan facts and requirements:

• Down payment, loan-to-value (LTV): 3.5%, 96.5%
• Credit score minimum: Typically 580 or greater. 
• Debt-to-income (DTI): Typically 45-50% or less. 
• Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35% (effective late January 2015).

Veteran and Military Homebuyers

VA loans are insured by the Department of Veteran Affairs, or VA, and available exclusively to veterans of the United States Armed Forces. They feature benefits seen in no other program. To learn more about this program, visit Lender411's page for San Diego VA loans. 

Lenders in: San Diego, California.