FHA, VA, FNMA, and FHLMC are all reducing buyers' costs!
FHA, which is intended to help first-time borrowers with smaller down payments and lower credit scores, has reduced their mortgage insurance rates by .3%, starting with closing loan documents dated after March 20, 2023.
VA has reduced the upfront VA Funding Fee for first-time use by .15% and subsequent use by .3% with no money down, starting with closing loan documents drawn after April 7, 2023.
FNMA and FHLMC have reduced the cost for buyers with lower credit scores and less cash down starting April 1, 2023.
These changes are important in qualifying first-time buyers, who make up a critical part of today's market. Additionally, they will increase the number of FHA and VA loans in the market.
Please remember that San Diego Funding is fully approved to issue spot FHA approvals in condominium projects that are not FHA approved and can also assist in getting condos VA approved.
Contact one of our experienced loan officers to get pre-approved to purchase today!