FHA Loan Calculator for California

FHA Loans in California

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On California's median home of $785,000, that's a minimum down payment of $27,500.

FHA Loan Limits in California

FHA loan limits vary by county and are tied to conforming limits. In most California counties, the FHA floor limit is $498,257 (2024). High-cost areas like California (limit: $1,089,300) may qualify for higher limits up to $1,149,825. Most California coastal counties qualify for high-cost area limits of up to $1,089,300. San Francisco, Santa Cruz, and Marin counties are at the national ceiling.

FHA vs Conventional in California

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With California's median home at $785,000, buyers who can put down $157,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

California closing costs average $7,200. California charges a documentary transfer tax of $1.10/$1,000 of value statewide, with most counties and cities adding their own transfer taxes. Los Angeles city charges an additional 0.45%, and properties over $5M face higher rates. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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