Westerncapitalmtg.com is a company which offers best policies to people who are in search of a loan. FHA Loan limits of California are the best rated and is famous world-wide.  The FHA Loan limits of San Diego helps people who want to buy a new house or want to repair their old house with a loan most suited to them. 

The Federal Housing Administration (FHA) is a company which insures loans so that lenders can offer a better deal to you. It gives benefits such as low down payments, low closing costs and equal credit qualifying. Since 1934, FHA Loans has been helping people become house owners. The company allows a down payment as low as 3.5% of the purchase price, including most of your closing costs and fees in the loan. FHA loans give loans to buy house, mend them, and then including all the cost in one loan. The company tends to be a little more lenient than others in areas of crediting, funds to close and co-borrowers. This agency set standards for underwriting also insuring residential mortgage loans made by private lenders. Ensuring affordable mortgages to people with low or moderate income is one of the basic objectives of FHA. The FHA loan limits in Californiaconstitutes the following processes:

·         Prequalification:  It actually occurs before the main loan process begins. The lender will investigate about the debts you have and your income thus making a financial determination about how much you can afford. While refinancing a loan on a house which you already own, this process can help you decide whether it is an appropriate decision or not.

·         Application:  The FHA loan limits of California begins with this and occurs either before you have determined to refinance loan on your home which already exits or after you have found an appropriate property to buy. The process requires to complete the mortgage application for a particular loan program and to supply all the necessary documents. After this, the different down payment and fees are discussed upon. Next the loan officer delivers a Good-Faith-Estimate (GFE) and a Truth-in Lending-Disclosure(TIL) within three days, listing down the estimated costs and the rates for the loan.

·         Processing Of The Estimated Loan:  Now the lender typically submits the application package to an underwriting system providing the lender with all the necessary documentation needed for loan approval. The lender reviews about your income, debts, employment and payment history, necessary surveying of the property and its issues.

·         Underwriting:  If the loan is approved by the underwriter, a conditional commitment is issued by the lender. Conditions mentioned in the commitment include issues with income, credit or the property will arise during the underwriting and processing process.

·         Closing:  According to FHA loan limits of San Diego after all the issues are cleared the lender issues a full loan approval, the lender funds the loan to the closing agent in exchange to the title transfer to the property. Now the loan process finishes and you buy the house or refinance.