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Homebuyers in California now have greater access to financing than ever before because the Federal Housing Administration (FHA) insures loans for single-family homes up to $472,030. In more affluent California counties like Alameda and Los Angeles, buyers seeking for a single-unit property may be eligible for an FHA loan amount as high as $1,089,300.
California FHA loan limits by county
| County Name | One unit | Two unit | Three unit | Four unit | Median Sale Price |
|---|---|---|---|---|---|
| ALAMEDA | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,735,000 |
| ALPINE | $497,950 | $637,450 | $770,550 | $957,600 | $433,000 |
| AMADOR | $472,030 | $604,400 | $730,525 | $907,900 | $395,000 |
| BUTTE | $472,030 | $604,400 | $730,525 | $907,900 | $310,000 |
| CALAVERAS | $472,030 | $604,400 | $730,525 | $907,900 | $399,000 |
| COLUSA | $472,030 | $604,400 | $730,525 | $907,900 | $357,000 |
| CONTRA COSTA | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,735,000 |
| DEL NORTE | $472,030 | $604,400 | $730,525 | $907,900 | $271,000 |
| EL DORADO | $763,600 | $977,550 | $1,181,650 | $1,468,500 | $664,000 |
| FRESNO | $472,030 | $604,400 | $730,525 | $907,900 | $392,000 |
| GLENN | $472,030 | $604,400 | $730,525 | $907,900 | $309,000 |
| HUMBOLDT | $472,030 | $604,400 | $730,525 | $907,900 | $400,000 |
| IMPERIAL | $472,030 | $604,400 | $730,525 | $907,900 | $288,000 |
| INYO | $508,300 | $650,700 | $786,550 | $977,500 | $442,000 |
| KERN | $472,030 | $604,400 | $730,525 | $907,900 | $320,000 |
| KINGS | $472,030 | $604,400 | $730,525 | $907,900 | $321,000 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 | $259,000 |
| LASSEN | $472,030 | $604,400 | $730,525 | $907,900 | $189,000 |
| LOS ANGELES | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,120,000 |
| MADERA | $472,030 | $604,400 | $730,525 | $907,900 | $400,000 |
| MARIN | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,735,000 |
| MARIPOSA | $472,030 | $604,400 | $730,525 | $907,900 | $320,000 |
| MENDOCINO | $546,250 | $699,300 | $845,300 | $1,050,500 | $475,000 |
| MERCED | $472,030 | $604,400 | $730,525 | $907,900 | $405,000 |
| MODOC | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| MONO | $693,450 | $887,750 | $1,073,100 | $1,333,600 | $603,000 |
| MONTEREY | $915,400 | $1,171,900 | $1,416,550 | $1,760,400 | $796,000 |
| NAPA | $1,017,750 | $1,302,900 | $1,574,900 | $1,957,250 | $885,000 |
| NEVADA | $644,000 | $824,450 | $996,550 | $1,238,500 | $560,000 |
| ORANGE | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,120,000 |
| PLACER | $763,600 | $977,550 | $1,181,650 | $1,468,500 | $664,000 |
| PLUMAS | $472,030 | $604,400 | $730,525 | $907,900 | $300,000 |
| RIVERSIDE | $644,000 | $824,450 | $996,550 | $1,238,500 | $560,000 |
| SACRAMENTO | $763,600 | $977,550 | $1,181,650 | $1,468,500 | $664,000 |
| SAN BENITO | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,623,000 |
| SAN BERNARDINO | $644,000 | $824,450 | $996,550 | $1,238,500 | $560,000 |
| SAN DIEGO | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 | $850,000 |
| SAN FRANCISCO | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,735,000 |
| SAN JOAQUIN | $656,650 | $840,650 | $1,016,150 | $1,262,800 | $571,000 |
| SAN LUIS OBISPO | $911,950 | $1,167,450 | $1,411,200 | $1,753,800 | $793,000 |
| SAN MATEO | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,735,000 |
| SANTA BARBARA | $805,000 | $1,030,550 | $1,245,700 | $1,548,100 | $700,000 |
| SANTA CLARA | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,623,000 |
| SANTA CRUZ | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,050,000 |
| SHASTA | $472,030 | $604,400 | $730,525 | $907,900 | $345,000 |
| SIERRA | $472,030 | $604,400 | $730,525 | $907,900 | $225,000 |
| SISKIYOU | $472,030 | $604,400 | $730,525 | $907,900 | $235,000 |
| SOLANO | $685,400 | $877,450 | $1,060,600 | $1,318,100 | $596,000 |
| SONOMA | $861,350 | $1,102,700 | $1,332,900 | $1,656,450 | $749,000 |
| STANISLAUS | $517,500 | $662,500 | $800,800 | $995,200 | $450,000 |
| SUTTER | $488,750 | $625,700 | $756,300 | $939,900 | $425,000 |
| TEHAMA | $472,030 | $604,400 | $730,525 | $907,900 | $285,000 |
| TRINITY | $472,030 | $604,400 | $730,525 | $907,900 | $225,000 |
| TULARE | $472,030 | $604,400 | $730,525 | $907,900 | $328,000 |
| TUOLUMNE | $472,030 | $604,400 | $730,525 | $907,900 | $369,000 |
| VENTURA | $948,750 | $1,214,600 | $1,468,150 | $1,824,550 | $825,000 |
| YOLO | $763,600 | $977,550 | $1,181,650 | $1,468,500 | $664,000 |
| YUBA | $488,750 | $625,700 | $756,300 | $939,900 | $425,000 |
How are FHA loan limits determined?
Annually, the Federal Housing Finance Agency (FHFA) publishes conforming loan limits for conventional loans, which serve as the basis for setting FHA loan limits. The limits change annually based on the average U. S. home price over the preceding four quarters, with restrictions for less expensive and more expensive areas
Here’s how the calculations work:
The California low-cost limit, also known as 20%E2%80%9Cfloor, 20%E2%80%9D, is $472,030% for a single-family home. This amount is equivalent to 65% of the 202023% national conforming loan limit of $726,200. The cost limitations for purchasing a multifamily property in California rise with the number of units:
- $604,400 for a two-unit home
- $730,525 for a three-unit home
- $907,900 for a four-unit home
If you choose to purchase a home in a pricey California neighborhood, the high-cost ceiling, also known as the E2%80%9D ceiling, is set at 100% of the conforming loan limit, which means you can borrow up to $1,089,300 for a single-family home. You can borrow up to the high-cost FHA loan maximum of $1,089,300 in ten counties in California:
- Alameda
- Contra Costa
- Los Angeles
- Marin
- Orange
- San Benito
- San Francisco
- San Mateo
- Santa Clara
- Santa Cruz
How to qualify for an FHA loan in California
If your credit score is too low or your debt load is too high for you to qualify for a conventional mortgage, FHA loans are a good fallback option. With median sales prices reaching $1,735,000 in California’s most expensive counties, the larger FHA loan amounts are helpful, particularly if your credit history isn’t the best.
The most recent requirements for California residents to be eligible for an FHA loan are broken down as follows:
Down payment and credit score. The minimum down payment for FHA loans is 3. 5% with at least a 580 credit score. Friends, family, and even your employer may give you a gift in exchange for all or part of the down payment. An FHA loan approval is possible with as low of a score as $500 when there is a 2010 down payment.
Debt-to-income ratio. The debt-to-income (DTI) ratio is determined by FHA lenders by carefully examining your total debt in relation to your income. Although the maximum DTI ratio allowed by FHA guidelines is 2043 percent, there are exceptions that can be made based on exceptional credit scores or additional cash reserves.
Mortgage insurance. To safeguard lenders in the event that you miss mortgage payments, you will pay two forms of FHA mortgage insurance. First, there is a one-time upfront mortgage insurance premium (UFMIP). 75 percent of the loan amount, which is typically added to your mortgage The other is a zero-cost annual mortgage insurance premium (MIP). 45% to 1. Fifty percent of the loan amount is divided by 2012 and added to your monthly payment. Note that you will pay it irrespective of how much you put down.
Occupancy. If you use an FHA loan to purchase your home, you have to live there as your primary residence for a minimum of one year. Financing for second homes or investment properties is not permitted under the program.
FHA home appraisals. You’ll need an FHA appraisal for any purchase loan. The appraisal requirements for FHA loans are stricter than those for conventional loans.
Buying a multifamily property with an FHA loan
If you live in one of the units for a year after purchasing the property, you can purchase a two- to four-unit home with the higher multifamily home FHA loan limits. A multifamily property can be purchased by qualified buyers for a low three 5% down payment and use the rental income to help them meet the qualifying requirements (traditional guidelines usually call for at least a 2015% down payment for multifamily purchases).
In California’s priciest counties, this entitles you to borrowing power exceeding a million dollars:
- $1,394,775 for a two-unit home
- $1,685,850 for a three-unit home
- $2,095,200 for a four-unit home
FHA lenders in California
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| PenFed Mortgage | 3 stars | 620 |
| Flagstar Mortgage | 4 stars | 580 |
| Rocket Mortgage | 5 stars | 580 |
| Churchill Mortgage | 3 stars | 620 |
| Guild Mortgage | 3 stars | 540 |
FAQ
What is the highest FHA loan amount?
Read our editorial guidelines here . In most areas of the nation, buyers can borrow up to $498,257 for a single-family home under the FHA loan limits for 2024. Buyers of real estate in “high-cost” neighborhoods might be eligible for a loan of up to $1,149,825
How much can I get on a FHA loan in 2023?
The 2023 FHA loan limits for a single-unit home vary based on your location and range from $472,030 to $1,089,300. Loan limits are set on a county-by-county basis. These restrictions increase in accordance with the quantity of units being bought.
What is the max you can make for an FHA loan?
Additionally, there is no upper income limit to be eligible for an FHA loan, so you don’t have to worry about making too much money.
What are the new FHA loan limits for 2024?
For a single-unit property in 2024, the national conforming loan limit is $766,550. For a single-unit property, FHA’s minimum national loan limit floor for 2024 is $498,257, which is equivalent to 65% of the national conforming loan limit.
Read More :
https://www.hud.gov/program_offices/housing/sfh/lender/origination/mortgage_limits
https://www.lendingtree.com/home/fha/fha-loan-limits-in-california/