California FHA Loans and Loan Limits

California FHA loansCalifornia FHA Loans

 

FHA loan mortgage lending limits in CALIFORNIA vary based on the different housing types and the costs of local California housing. FHA home loans are designed for borrowers who are unable to make large down payments. FHA loans are also typically an attractive option for first-time home buyers. Check out the 2017 FHA Loan Requirements and Guidelines.

The FHA home loan is a terrific way to purchase a home or condo in California. There are no income limits with California FHA loans. The down payment is only 3.5% (single-family dwelling), and the seller is permitted to pay a percentage of the buyer’s closing costs.

For example, if the home (or condo) were selling for $200,000, your down payment would be $7,000.

The California FHA loan requirements are not any different from the FHA guidelines in the other states, with the exception of the county loan limits. FHA loans have lending limits that are established by Congress each year. Due to some high cost California counties, the FHA county loan limits are higher in these California counties – see below. FHA home loans that exceed the customary FHA home loan lending limits are known as FHA jumbo loans.

 

Click here for an instant rate quote in California

 

What exactly is the FHA?

The Federal Housing Administration (FHA) was founded during the Great Depression to support the housing industry. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. The FHA remains committed to help homeowners that do not satisfy typical financing needs, have a low credit score or have an inconsistent income history. Borrowers that meet this criteria should also look into HUD Home programs by visiting our HUDHomestore page.

 

What is the maximum loan amount/limit 2017?

Maximum loan amount vary by county for traditional California FHA Loans. The current base (low-end) FHA loan limit in most of California counties for a one-family home is set at $275,665.00.

 

California First-Time Home Buyer Loan

The California FHA loan program was designed and created to help increase homeownership. The California FHA loan program makes buying a home easier and less expensive than any other types of real estate mortgage home loan programs.

 

Are there income limits with California FHA loans?

No!

 

Do I need to be a first time home buyer?

No you absolutely do not. FHA loans are available for first time home buyers as well as seasoned homeowners.

 

Is the the seller permitted to pay my closing costs or incentives?

Yes the seller can help towards that. The Federal Housing Administration (FHA) will allow the home seller to pay as much as 6% of the purchase price toward the buyer’s settlement costs.

 

Do I need to have perfect credit for an FHA loan in California?

The FHA credit score guidelines are the same in California as they are anywhere else in the United States. You can even qualify for an FHA loan with bad credit.

 

California FHA Loan Program

 

Related articles:

Pros and Cons of FHA Loans

 

Lending Limits for FHA Loans in CALIFORNIA Counties

1 – FAMILY is a single family home or condominium
2 – FAMILY is two separate living units
3 – FAMILY three separate living units
4 – FAMILY four separate living units
California Counties One-Family Two-Family Three-Family Four-Family
ALAMEDA $625,500 $800,775 $967,950 $1,202,925
ALPINE $463,450 $593,300 $717,150 $891,250
AMADOR $332,350 $425,450 $514,300 $639,150
BUTTE $293,250 $375,400 $453,750 $563,950
CALAVERAS $373,750 $478,450 $578,350 $718,750
COLUSA $271,050 $347,000 $419,425 $521,250
CONTRA COSTA $625,500 $800,775 $967,950 $1,202,925
DEL NORTE $271,050 $347,000 $419,425 $521,250
EL DORADO $474,950 $608,000 $734,950 $913,350
FRESNO $281,750 $360,700 $436,000 $541,800
GLENN $271,050 $347,000 $419,425 $521,250
HUMBOLDT $327,750 $419,550 $507,150 $630,300
IMPERIAL $271,050 $347,000 $419,425 $521,250
INYO $369,150 $472,550 $571,250 $709,900
KERN $271,050 $347,000 $419,425 $521,250
KINGS $271,050 $347,000 $419,425 $521,250
LAKE $271,050 $347,000 $419,425 $521,250
LASSEN $271,050 $347,000 $419,425 $521,250
LOS ANGELES $625,500 $800,775 $967,950 $1,202,925
MADERA $271,050 $347,000 $419,425 $521,250
MARIN $625,500 $800,775 $967,950 $1,202,925
MARIPOSA $322,000 $412,200 $498,250 $619,250
MENDOCINO $373,750 $478,450 $578,350 $718,750
MERCED $271,050 $347,000 $419,425 $521,250
MODOC $271,050 $347,000 $419,425 $521,250
MONO $529,000 $677,200 $818,600 $1,017,300
MONTEREY $502,550 $643,350 $777,650 $966,450
NAPA $615,250 $787,650 $952,050 $1,183,200
NEVADA $477,250 $610,950 $738,500 $917,800
ORANGE $625,500 $800,775 $967,950 $1,202,925
PLACER $474,950 $608,000 $734,950 $913,350
PLUMAS $336,950 $431,350 $521,400 $648,000
RIVERSIDE $355,350 $454,900 $549,850 $683,350
SACRAMENTO $474,950 $608,000 $734,950 $913,350
SAN BENITO $625,500 $800,775 $967,950 $1,202,925
SAN BERNARDINO $355,350 $454,900 $549,850 $683,350
SAN DIEGO $562,350 $719,900 $870,200 $1,081,450
SAN FRANCISCO $625,500 $800,775 $967,950 $1,202,925
SAN JOAQUIN $304,750 $390,100 $471,550 $586,050
SAN LUIS OBISPO $561,200 $718,450 $868,400 $1,079,250
SAN MATEO $625,500 $800,775 $967,950 $1,202,925
SANTA BARBARA $625,500 $800,775 $967,950 $1,202,925
SANTA CLARA $625,500 $800,775 $967,950 $1,202,925
SANTA CRUZ $625,500 $800,775 $967,950 $1,202,925
SHASTA $273,700 $350,350 $423,500 $526,350
SIERRA $304,750 $390,100 $471,550 $586,050
SISKIYOU $271,050 $347,000 $419,425 $521,250
SOLANO $400,200 $512,300 $619,300 $769,600
SONOMA $520,950 $666,900 $806,150 $1,001,850
STANISLAUS $276,000 $353,300 $427,100 $530,750
SUTTER $271,050 $347,000 $419,425 $521,250
TEHAMA $271,050 $347,000.00 $419,425 $521,250.00
TRINITY $271,050 $347,000 $419,425 $521,250
TULARE $271,050 $347,000.00 $419,425 $521,250.00
TUOLUMNE $331,200 $424,000 $512,500 $636,900
VENTURA $603,750 $772,900 $934,250 $1,161,050
YOLO $474,950 $608,000.00 $734,950 $913,350.00
YUBA $271,050 $347,000.00 $419,425 $521,250.00