Loan Limits – How Much Can You Receive?
The Federal Housing Administration puts a limit on how much money it will back. The loan limits aren’t the same across the board, though. California residents get more money than people in other states do. If you live in California, the FHA will back loans of up to $580,750 for single-family homes. That makes it easy to find a home in the competitive California real estate market.
Properties Eligible for FHA Loans
Under the FHA loan guidelines, not all properties are eligible for financing. You can get a loan for a single-family home, a family home with up to four units, a condominium, or a manufactured home. If you finance a manufactured home, it must be on a permanent foundation.
Affordable Fixer Uppers with FHA Loans
If you find the perfect home in California, but it needs a little bit of work, an FHA loan can help. If you want to get some work done, you’ll need to obtain an FHA 203(k) loan. The FHA 203(k) home loan comes in two different forms.
Streamline FHA 203(k) home loans are a good option for basic home repairs. You can finance up to $35,000 for repairs. It’s important to note that there are certain guidelines regarding what repairs are eligible. You can speak with a member of the POP Mortgage team to find out if your repairs are covered.
Standard FHA 203(k) home loans are meant for more extensive home repairs. You can finance a minimum of $5,000 in repairs, and there isn’t a maximum. The necessary repairs must be supported by the appraisal.
Use our FHA loan calculator to add your home improvement loan, if necessary. This will give you a good idea of how much you can afford. Then, if you’re ready to get your loan, get the ball rolling by taking our FHA Loan Qualifier.