California is known for the glamorous lifestyle of the stars who live there, but any true Californian knows there’s so much more to the Golden State. Unfortunately, things that make California an amazing place to live can sometimes lead to higher home prices, which can make financing difficult. It’s not time to run for the Hidden Hills though, because homebuyers in California can finance their home without a perfect credit score and huge down payment.
Continue reading to learn how the FHA loan program can save you money on your mortgage, and an FHA loan in California can make your home-buying decision a bit easier.
With a fast growing population, it’s unsurprising the total FHA loan volume as of April 2019 was nearly $1.5 billion! California has got it all when it comes to its sunny beaches, rich wildlife, bustling cities. That being said, you can’t go wrong when looking for a home in California, and an FHA loan can help.
As you may already know, in California you need to have an idea of how much you can borrow when you start home shopping. The FHA loan limit varies depending on where in California you decided to purchase your home, and is adjusted annually. For most of California, the loan limit is $472,030, but in San Francisco the limit is significantly higher at $1,089,300. See the link below for a full list of California FHA loan limits in 2023.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.