FHA Loan Calculator for California (2022 Data)

Written by Elizabeth BoydOctober 22nd, 20223 minute read

Jump to section: FHA loan calculator for California | FHA loan requirements for California | How to calculate your California FHA loan amount | FAQ

FHA Loan Calculator for California

Our California FHA loan calculator helps home buyers estimate their FHA loan amount and mortgage payments. You can also calculate a California jumbo FHA loan amount. Maximum FHA loan limits vary significantly across the state of California, so check the limits for your county when considering an FHA loan.

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FHA loan calculator for California

FHA loan requirements for California

Your down payment. You need 3.5% down with a 580+ score or 10% down with a 500-579 score.

580 credit score or more. If your down payment is 10% or higher, lenders may allow you to have a score between 500 and 579.

Property is your primary residence. Single-family dwellings must be owner-occupied. In multiple dwelling units, the borrower must live in one of the units.

Debt-to-income ratio. A maximum 43% debt-to-income ratio is standard. Some lenders will approve a 50% DTI. Monthly mortgage payments should not exceed 40% of your monthly gross income.

FHA funding fee. An upfront mortgage insurance premium (UFMIP) and monthly mortgage insurance premiums (MIP) are required

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How to calculate your California FHA loan amount

Down payment

When buying a house in California with an FHA loan, you only need 3.5% of the purchase price if you have a 580 credit score. But you’ll need to come up with a 10% down payment if your score is between 500 and 580. Using gift funds to cover or contribute to your California FHA down payment is allowed.

Mortgage insurance premiums (MIPs)

The average mortgage insurance rate in California is 0.85% of your loan but it varies based on your down payment, mortgage amount, and repayment term.

You’ll need to pay for two types of mortgage insurance. The upfront mortgage insurance premium (UFMIP) is 1.75% of your loan amount to be paid at closing. You’ll also pay a monthly MIP.

Maximum FHA mortgage amount

The limits in many counties are $420,680–$614,100. You can borrow a maximum of $675,050–$970,800 with an FHA loan to purchase a single-family home in California’s most expensive markets.

Annual real estate taxes

Your lender will require a lump sum to cover your share of property taxes for the year of sale. You’ll also pay monthly pro-rated tax installments with your mortgage payment. The lender holds those funds in an escrow account until your tax bill is due.

💰How much will taxes cost? California’s property tax rate is 1% of the tax assessed value. After a home sale, the assessor typically uses the sales price for that base year. State law limits any increases caused by inflation, currently set at no more than a 2% annual increase.

Annual homeowners insurance

The average annual homeowners insurance in California is about $1,200. You can expect to pay for 12 months of homeowners insurance upfront when you purchase a home. After closing, the lender collects monthly homeowner insurance premiums as part of your mortgage payment.

California FHA loan FAQ

What is the maximum amount on an FHA loan in California?

The FHA loan limit for a single-family residence in California is $420,680, effective in 25 of California’s 58 counties. In ten high-cost markets, the FHA loan maximum for single-unit homes in California is $970,800: Alameda, San Francisco, Contra Costa, Marin, San Mateo, San Benito, Santa Clara, Santa Cruz, Orange, and Los Angeles.

What is a jumbo loan in California?

A jumbo loan surpasses loan limits set by government agencies. Conventional jumbo loans exceed each county’s Federal Housing Finance Agency conforming loan limit ($647,200–$970,800 for single-family homes). They have stricter qualifications, higher down payment requirements, and more fees. Jumbo FHA loans exceed the FHA loan limits in each county ($420,680–$970,800).

>>MORE: Learn how conventional loans and FHA loans differ