San Diego, CA-An increase in conventional conforming loan limits and high balance limits may assist more home buyers in San Diego looking to purchase or refinance. The conventional conforming loan amount went from $453,100 in 2018 to $484,350 in 2019 and the high balance is $690,000. Anything higher than this is considered a Jumbo loan.
Wholesale mortgage lenders can offer loans for lower credit scores and competitive interest rates to higher tiered credit borrowers. Interest rates have improved significantly over the past week. It may be worth inquiring on a refinance or locking in on a purchase now.
Borrowers can begin taking advantage of higher loan limits now with many lenders. End of Quarter incentives also include a Free Appraisal when working with mortgage brokers like TRU Financial Services.
Items Needed to Qualify for a Loan
Prepare to send in several income and bank statements when applying for a mortgage loan. Here’s a quick rundown of items needed:
2 years tax returns
2 years W-2’s
2 months bank statements
1 month pay-stubs
Copy of Driver’s License
Social Security Award Letter (if applicable)
Pension Information (if applicable)
Consult with a mortgage loan officer for more details on your specific scenario.