Self-Employed Home Buyer Guide for San Diego: How Lenders Verify Your Income
If you are self-employed, a lender usually verifies your income with two years of your signed tax returns instead of pay stubs. At the time this article was written, Fannie Mae's guide defined self-employed as owning 25% or more of a business, and it allowed shorter histories only in specific cases.
Buying a Home in San Diego With a Low Credit Score: What Your Options Are
You can sometimes buy a home in San Diego with a lower credit score, but the score changes which loans you can use and what the loan costs. At the time this article was written, Fannie Mae's guide listed a 620 minimum score for fixed-rate loans that are manually underwritten, and 640 for adjustable-
Debt-to-Income Ratio Explained: What Lenders Look at When You Buy in San Diego
Your debt-to-income ratio, or DTI, is your total monthly debt payments divided by your gross monthly income, and it is one of the main numbers a lender checks before you buy a home. The Consumer Financial Protection Bureau says there is no single limit, because different loan products and lenders us
Earthquake Insurance for San Diego Homeowners: What It Covers and How Deductibles Work
Standard homeowners insurance typically does not cover earthquake damage, so a home buyer in San Diego who wants that protection needs a separate earthquake policy. The California Earthquake Authority, or CEA, offers one through participating insurers, and its dwelling deductibles are set as a perce
Homeowners Insurance Nonrenewal in California: What Happens If Your Insurer Drops You
California law says insurers cannot cancel or non-renew a covered residential policy because of wildfire risk for one year after the Governor declares a state of emergency, if the home is in a covered ZIP code and did not have a total loss. The rule comes from Insurance Code section 675.1, also know
Defensible Space for San Diego Homeowners: The Zones and Distances Explained
Defensible space is the buffer you create between a home and the plants and objects around it so a wildfire has less to burn near the house. CAL FIRE says 100 feet of defensible space is required by law, and it breaks that area into three zones: 0 to 5 feet, within 30 feet and within 100 feet or the
Wildfire Safety Discounts for San Diego Homeowners: The 10 Actions That Can Lower Your Premium
Safer from Wildfires is a California program that gives homeowners an insurance discount for taking specific steps to make a house harder for wildfire to ignite. The state lists 10 actions, such as a Class A roof, ember-resistant vents and a clear 5-foot zone around the house, and every action quali
California FAIR Plan in San Diego: What It Covers and When Buyers Use It
The California FAIR Plan is a state-created insurance pool that offers property coverage to people who cannot get a policy from a regular insurer. It is meant as a safety net, and its basic policy covers fire and smoke, so many buyers who use it also look at a second policy for other risks. If you a
VA Loan Guide for San Diego Military Buyers: Funding Fee, Entitlement and Down Payment
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs that lets eligible veterans, service members and survivors buy a home with no down payment in most cases and no monthly mortgage insurance. The trade-off is a one-time funding fee, which for a first-time user with no down paym