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Now is the time to refinance your bills and high rate loans into a fixed rate FHA loan. Check out the FHA Loan Blog

California  Lending Resources

Many lenders in California or nervous that HUD may raise FHA Down-Payment Requirements. The real estate market in the Golden State has been hit hard by high unemployment and plummeting home values. Higher down-payment would shrink the pool of available borrowers even more.

The Toll Brothers announced that California homes averaged $576,000 this year compared to $557,000 from the previous year. The luxury home builder continues to pave the way for home construction even though many borrowers are stuck in underwater properties. The company continues to find ways to profit on new development even though the country is mired in a housing crisis. Read more about the Toll Brothers in this Yahoo Finance article.

Congress just announced that there will be no increase on mortgage insurance premiums for FHA financing in 2014.

What Are California FHA Mortgage Loan Limits in Your County?

California FHA mortgage loans have been in high demand as borrowers scramble to refinance their subprime loans. California loan limits range from $271,050 to $625,500 for one family home in the state for purchase or mortgage refinance loans. FHA loan limits in California will remain in the $600,000 range for high cost counties in 2014. California interest rates remain competitive for FHA and Fannie Mae loan products with historically low fixed rates for purchasing and refinancing residential real estate.

FHA California

The current FHA rates across the state remain at record lows, so don't wait too long to buy a home or refinance out of an adjustable rate mortgage. 2014 California loan limits remain high and encourage aggressive refinancing and home buying.

Compare Rates on FHA Loans in California

There is significant activity going on in Congress to raise back FHA limits in an effort to help the housing sector recover quicker in states like California. The Federal Housing Administration extends more opportunities for financing in California because they insure loans for people with low credit scores.

Stated income loans have become out of favor across the state, so the trend or lenders is to require proof of liquid assets with limited and no income documentation home loans. FHA remains a popular program for borrowers looking to finance a home in California. We provide the best fixed rates for California mortgage loans insured by FHA.

To Qualify for the streamline, FHA customers must meet the following requirements: Are You Eligible? To qualify for the discounted fees on the refinance streamline, the borrower must meet the following eligibility:

  • Have a loan presently insured by the FHA.
  • Borrower cannot have been late paying their mortgage in the last 12 months.
  • Have a loan that officially closed by the Federal Housing Administration before June 2009.
Preferred Loan Type:
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FHA Loan Experts

New FHA Mortgage Rules Could Affect Home Loan Programs In California

While many individuals automatically associate the FHA with first time homebuyers, the truth is that this federal agency actually has a number of options available for individuals who currently own a home. For example, homeowners who are over 62 years of age are often able to put a reverse mortgage to use in order to put the equity that they have in their homes to use so that they can pay for other living expenses or just that they have a little bit of extra money available to enjoy their golden years with.

Of course, reverse mortgages are not without their share of controversy, but many seniors have found that these loans allow them to enjoy their retirement without having to worry about the financial pressure that they might otherwise find themselves burdened with. Unfortunately, upcoming changes to the FHA may make it difficult for certain applicants to take advantage of the pros that are available from home equity conversion mortgages in California.

Some of these changes include:

  • Restrictions on the amount of money that can be dispersed after a reverse mortgage both initially and for the first year after the loan has closed
  • Changes in insurance premiums for FHA mortgage programs in California (ie. HECM)
  • A new single lump sum payment option
  • A financial assessment for all mortgagors which will evaluate their capacity and willingness to meet their reverse mortgage obligations
  • A requirement that individuals set aside a portion of their loan to cover insurance and property tax

These new changes are designed to allow the Home Equity Conversion Mortgage program to continue providing services to individuals who qualify for these loans, but they have the adverse side effect of making what is already a complex loan even more difficult for the average individual to understand. This means that individuals who are interested in availing themselves of a reverse mortgage are likely to find that the process is even more difficult than it already was and that the new guidelines make it harder for them to understand both the loan itself and what their options are when it comes to putting these funds to use in the best way possible.

Although some individuals may find that the new restrictions hamper their ability to get the maximum use out of equity that they have in their home, many older individuals are likely to find that they are still able to enjoy their retirement and put the equity that they have built up into their home to use.

California County Name

State

One-Family

Two-Family

Three-Family

Four-Family

SAN DIEGO

CA

$545,500

$934,200

$1,129,250

$1,403,400

MONTEREY

CA

$547,500

$700,900

$847,200

$1,052,900

INYO

CA

$443,750

$568,050

$686,650

$853,350

SAN LUIS OBISPO

CA

$570,000

$512,050

$618,950

$769,250

YUBA

CA

$462,500

$592,050

$715,700

$889,450

SUTTER

CA

$397,500

$508,850

$615,100

$764,400

MENDOCINO

CA

$625,500

$934,200

$1,129,250

$1,403,400

SANTA BARBARA

CA

$311,250

$398,450

$481,650

$598,550

NAPA

CA

$580,000

$742,500

$897,500

$1,115,400

TEHAMA

CA

$381,250

$488,050

$589,950

$733,150

SOLANO

CA

$287,500

$368,050

$444,900

$552,900

SANTA CRUZ

CA

$393,750

$504,050

$609,300

$757,200

BUTTE

CA

$325,000

$416,050

$502,900

$625,000

FRESNO

CA

$437,500

$560,050

$677,000

$841,350

LOS ANGELES

CA

$368,750

$472,050

$570,600

$709,150

ORANGE

CA

$325,000

$416,050

$502,900

$625,000

MERCED

CA

$401,250

$513,650

$620,900

$771,650

TUOLUMNE

CA

$285,000

$364,850

$441,000

$548,050

ALAMEDA

CA

$729,750

$934,200

$1,129,250

$1,403,400

CONTRA COSTA

CA

$425,000

$544,050

$657,650

$817,300

MARIN

CA

$729,750

$934,200

$1,129,250

$1,403,400

SAN MATEO

CA

$412,500

$528,050

$638,300

$793,250

SAN FRANCISCO

CA

$512,500

$656,100

$793,050

$985,600

SHASTA

CA

$472,500

$604,900

$731,150

$908,650

SAN JOAQUIN

CA

$271,050

$347,000

$419,400

$521,250

MONO

CA

$462,500

$592,050

$715,700

$889,450

GLENN

CA

$625,500

$934,200

$1,129,250

$1,403,400

MODOC

CA

$625,500

$934,200

$1,129,250

$1,403,400

ALPINE

CA

$562,500

$720,100

$870,450

$1,081,750

AMADOR

CA

$625,500

$934,200

$1,129,250

$1,403,400

COLUSA

CA

$580,000

$742,500

$897,500

$1,115,400

PLUMAS

CA

$410,000

$524,850

$634,450

$788,450

SIERRA

CA

$500,000

$640,100

$773,700

$961,550

TRINITY

CA

$580,000

$742,500

$897,500

$1,115,400

MARIPOSA

CA

$625,500

$934,200

$1,129,250

$1,403,400

SISKIYOU

CA

$500,000

$640,100

$773,700

$961,550

CALAVERAS

CA

$697,500

$892,950

$1,079,350

$1,341,350

STANISLAUS

CA

$729,750

$934,200

$1,129,250

$1,403,400

DEL NORTE

CA

$488,750

$625,700

$756,300

$939,900

KINGS

CA

$687,500

$880,100

$1,063,850

$1,322,150

LAKE

CA

$625,500

$934,200

$1,129,250

$1,403,400

HUMBOLDT

CA

$625,500

$934,200

$1,129,250

$1,403,400

YOLO

CA

$729,750

$934,200

$1,129,250

$1,403,400

PLACER

CA

$625,500

$934,200

$1,129,250

$1,403,400

EL DORADO

CA

$423,750

$542,450

$655,700

$814,900

SACRAMENTO

CA

$285,000

$364,850

$441,000

$548,050

NEVADA

CA

$293,750

$376,050

$454,550

$564,900

TULARE

CA

$557,500

$713,700

$862,700

$1,072,150

LASSEN

CA

$662,500

$848,100

$1,025,200

$1,274,050

IMPERIAL

CA

$423,750

$542,450

$655,700

$814,900

Rates on FHA loans in California can change without notice. Cash out loans for bill consolidation may not be difficult to qualify for if you can stay below 85% loan to value and your mortgage history on your credit report indicates that you have the ability and willingness to make your mortgage payments on time each month.

 
 

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