Answers to common questions about mortgages, refinancing, and loan options.
Most conventional loans require a minimum credit score of 620, while FHA loans can be available with scores as low as 580 (or lower with a larger down payment). VA loans have no official minimum, though most lenders look for 580–620.
The exact rate and terms you qualify for improve significantly as your score rises, so even a small improvement before applying can make a real difference in your monthly payment.
It depends on the loan type: conventional loans can go as low as 3% down, FHA loans require 3.5%, VA loans can require 0% down for eligible veterans, and jumbo loans typically require 10–20%.
There's no single "standard" down payment — the right amount depends on your loan program, credit profile, and financial goals. A personalized rate quote is the fastest way to see your real options.
A pre-approval can often be completed the same day once you submit your income, asset, and credit information.
Having a fast, same-day pre-approval letter in hand puts you in a stronger position to make competitive offers, especially in a fast-moving housing market like San Diego.
Pre-qualification is a quick, informal estimate based on self-reported information, while pre-approval involves verified documentation and a credit check, resulting in a conditional loan commitment.
Sellers and real estate agents generally take pre-approval letters far more seriously than pre-qualification estimates.
Refinancing typically costs 2–5% of the loan amount in closing costs, covering items like appraisal fees, title insurance, and lender fees.
Whether refinancing makes sense depends on your current rate, how long you plan to stay in the home, and whether the monthly savings outweigh the upfront costs — this is worth running the numbers on directly.
Conventional loans generally require higher credit scores but offer more flexibility and no upfront mortgage insurance premium, while FHA loans have lower credit and down payment requirements but include mandatory mortgage insurance.
The better option depends on your credit profile, down payment savings, and long-term plans for the home.
VA loans are available to eligible active-duty service members, veterans, and surviving spouses, and typically allow financing with no down payment and no private mortgage insurance.
Eligibility is determined by length and type of service — a Certificate of Eligibility (COE) confirms whether you qualify.
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac, which is necessary for financing higher-priced homes common in markets like San Diego.
Jumbo loans typically require stronger credit, a larger down payment, and more cash reserves than conforming loans.
A DSCR (Debt Service Coverage Ratio) loan qualifies borrowers based on a rental property's income rather than their personal income, making it a popular option for real estate investors.
This makes DSCR loans especially useful for self-employed investors or those with multiple properties whose personal tax returns don't reflect their full earning power.
Yes — non-warrantable condo loans are a specialty financing option for condos that don't meet standard Fannie Mae or Freddie Mac guidelines, such as those with high investor concentration or pending litigation.
These loans typically come with different terms than conventional condo financing, so working with a lender experienced in non-warrantable condos matters.
These are loan programs designed for borrowers — often self-employed individuals or investors — who can't document income through traditional means like W-2s or tax returns.
Qualification is typically based on alternative factors such as assets, bank statements, or the property's cash flow instead of standard income verification.
A Home Equity Line of Credit (HELOC) lets you borrow against your home's equity as a revolving credit line, similar to a credit card, rather than as a single lump sum.
It's commonly used for home improvements, debt consolidation, or as a flexible source of funds, with interest typically charged only on the amount drawn.
Diane Campochiaro Mortgage is based in San Diego AND San Francisco California, and works with homebuyers and homeowners throughout the region and nationally on purchase loans, refinancing, and specialty financing.
The fastest way to get started is by requesting a free, no-obligation interest rate quote online, which takes just a few minutes to complete.
Next step: I'll help you compare real numbers for each option based on your goals and time horizon. When you're ready, request a rate quote or reach out with questions.