Q: What are the FHA loan limits in California?
A:FHA loans in California allow for very generous loan limits even with only 3.5% down. This allows a borrower to use the flexible FHA loan program to buy homes in even the higher cost coastal areas of California. Below is a chart of the 2011 FHA loan limits for the more populated counties in California:
County | 1 unit | 2 units | 3 units | 4 units |
Alameda | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
Contra Costa | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
Fresno | $381,250 | $488,050 | $589,950 | $733,150 |
Los Angeles | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
Orange | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
Riverside | $500,000 | $640,100 | $773,700 | $961,550 |
Sacramento | $580,000 | $742,500 | $897,500 | $1,115,400 |
San Bernardino | $500,000 | $640,100 | $773,700 | $961,550 |
San Diego | $697,500 | $892,950 | $1,079,350 | $1,341,350 |
San Francisco | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
San Mateo | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
Santa Clara | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
simOne unit refers to a single-family home or condo/townhouse. And 2 units a duplex, 3 units a triplex and 4 units fourplex. So in the highest limit counties, you could purchase a home or condo for $756,217 and only put 3.5% down.
Q: What is the minimum FHA loan down payment?
- Last 30 days job paycheck stubs, last two years W-2′s, last two years federal tax returns
- Last two months bank statements for your savings
- DD214 if you are a veteran
- Certificate of VA eligibility
- Loan application and credit check
- Escrow Fees
- Title insurance
- One year paid up front homeowners insurance
- Property tax impounds (usually about 6 months)
- Home insurance impounds
- Lender underwriting and processing fees
- Recording fee
- You cannot have missed any mortgage payments leading up to the short sale
- You have to have an extenuating circumstance for the reason you short sold your home such as a job relocation. The extenuating circumstance cannot be that you were upside down, couldn’t make the payment, lost your job and other financial reasons.