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FHA home loans are easy to qualify for because bad credit is allowed and you virtually no equity is required to refinance.

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California Mortgage Loans with FHA

California borrowers have been receiving help through FHA since 1934 and the current mortgage rates have never been lower for home buying or refinancing. The Federal Housing Administration (FHA) insures the loans allowing lenders to offer better deals to borrowers. Even with all the noise about the subprime market, California FHA home loans are still available and an excellent opportunity for borrowers looking to get into a home.

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More info from California Mortgage Experts for New House Buying or FHA Refinancing

No Cost and No Obligation to Apply.

California mortgage applicants who are looking at new lending options, but have poor credit, or short on funds for a down payment have been very content with the government insured loans over the last few years. If you are looking for a house within the cap of the FHA loan size will find that these programs are often the best option for California home buyers.

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Great Reasons to look at FHA Loans

FHA Loans require low down payments. The closing costs are low and there is easy credit qualification. FHA loans do not have a credit score requirement, so bad credit may not be a problem. FHA loans are no longer a cumbersome process either. Now, it takes 30% less time to secure an FHA home loan, said Robert M. Couch, general counsel for the U.S. Department of Housing and Urban Development.

* 3.5% Down Payment
* Low Rates
* No Pre-Pay
* Poor Credit OK
* First Time Home Buyers OK

FHA California Loan Limits

Few home buyers in the state have been able to use FHA financing because FHA loan limits, which range from $200,000 to over $362,000 in California, are not high enough to meet the cost of most homes in the state. In 1999, FHA insured 131,000 loans in California; in 2006, FHA insured only 2,500.




CHICO, CA (MSA) $304,000

FRESNO, CA (MSA) $289,750



MERCED, CA (MSA) $358,383


REDDING, CA (MSA) $321,955



EL CENTRO, CA (MSA) $234,650

YUBA CITY, CA (MSA) $322,757


FHA is now offering options for refinancing adjustable mortgages as well. Whether you are looking at Miami home refinancing or refinancing in Lee County where many ARMs are about to reset, FHA may be able to help you get a fixed mortgage rates if your loan is within the FHA limits. At one time, borrowers could get a 95% cash out with FHA, but today people must have at least 15% available in home equity to qualify for a cash back loan. If you are not familiar with FHA options talk to a mortgage broker and find out more.

"For the past several months, we have been confronted with a sobering, steady series of stories: inappropriate sub-prime loans, predatory lending, staggering rates of foreclosure, and higher mortgage rates. We must give Californians the highest possible confidence in the housing purchasing process and make homeownership available to everyone who wants a home and can safely afford one," Jackson told more than 150 representatives from the housing industry, including mortgage brokers, bankers, housing counselors and consumer advocates.

California Governor Pushes to Increase FHA and GSE Loan Limit Caps

In a recent letter to the U.S. House of Representatives, California Governor Arnold Schwarzenegger threw his weight behind the idea of increasing conforming loan limits on mortgages sponsored by government-sponsored enterprises (GSE) and the Federal Housing Administration (FHA).

Schwarzenegger cited California's costly home prices and the need to find safer lending solutions for distressed borrowers as reasons for increasing the federal loan caps.

"Nowhere is this problem more acute than in California, where astronomically high home prices have historically meant that home buyers could not access federal programs to help them obtain safe, secure financing," Schwarzenegger added. "That is because many federal loan programs cap out at prices far below average home prices in California, meaning that home buyers often relied on financing outside of government-backed loans in order to achieve homeownership."

Schwarzenegger concluded that changing the FHA California mortgage limits would help borrowers in the Western state by giving them more practical loan product options to choose from in a tightening marketplace. Earlier that week, Federal Reserve Chairman Ben Bernanke warned about creating additional instability in the marketplace by increasing caps on loan limits and inducing more risk in new segments of the market.

Today Governor Jerry Brown has followed Schwarzenegger lead on protecting homes from foreclosure, in addition to keeping the loan limits on California mortgages as a high priority.

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FHA Mortgage Rates in California
FHA Secure Refinance
    The interest rates for FHA refinance and home purchase loans remain competitive and comparable to conventional Fannie Mae mortgage rates.   Borrowers are given fixed rate grace with exceptions for qualifying made for borrowers who were not late prior to their mortgage adjusting.  

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