Traditional Mortgages

2020 FHA Loan Limits in California | FHA Limits Increase for 2020

FHA Standard Loan Limits for 2020

Due to increasing home prices in many areas, The Federal Housing Administration (FHA) has announced new loan limits for the year 2020. The FHA’s standard limit for much of the country increased to $331,760. In 2019 these FHA limits were set at $314,827 for a single family dwelling. The FHA limits differ depending on the number of units. Below is a chart that shows the new 2020 limits compared to the 2019 limits for one, two, three, and four unit properties. Keep in mind this chart is for most of the country. California has widely varying FHA loan limits. We will also cover that in this article as well and we’ll include the FHA Limits for each county in California.

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NUMBER OF UNITS LOW COST LOAN LIMITS
  2020 2019
1 $331,760 $314,827
2 $424,800 $403,125
3 $513,450 $487,250
4 $638,100 $605,525

This is fantastic news for many prospective homebuyers, especially first-time buyers who would like to buy a home with a smaller down payment or with a lower credit score.

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FHA Minimum Credit Score 2020

FHA Loans allow for credit scores as low as 500. However, not all lenders lend to buyers with credit scores that low. Some lenders require a 580 credit score while others require a 620 credit score.

One attractive aspect of an FHA mortgage is that it allows for a smaller down payment. If your credit score is 580 or higher, you can put just 3.5% down. FHA also allows you to use down payment assistance and / or a seller concession to cover closing costs.

However, if your credit score is 579 or lower, you will need a 10% down payment.

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2020 California FHA Loan Limits

Some markets will actually see decreased FHA loan limits in 2020 due to a cooling off in the housing market. FHA lowered loan limits in 11 counties in Idaho, Minnesota, New York, North Carolina, Tennessee, Texas and Virginia.

This is definitely not the case in California. The housing market is still pretty robust. Thus, the 2020 California FHA loan limits have increased across the board for most counties. Below is a chart for the 2020 California FHA loan limits. According to HUD, these 2020 California FHA Loan Limits will be effective Wednesday, January 1st, 2020.

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2020 FHA Loan Limit Chart

County State 1 Unit 2 units 3 units 4 units
MARIN CA $765,600 $980,325 $1,184,925 $1,472,550
SIERRA CA $331,760 $424,800 $513,450 $638,100
NAPA CA $764,750 $979,000 $1,183,400 $1,470,700
SUTTER CA $345,000 $441,650 $533,850 $663,450
ALAMEDA CA $765,600 $980,325 $1,184,925 $1,472,550
CONTRA COSTA CA $765,600 $980,325 $1,184,925 $1,472,550
HUMBOLDT CA $345,000 $441,650 $533,850 $663,450
LAKE CA $331,760 $424,800 $513,450 $638,100
MARIPOSA CA $331,760 $424,800 $513,450 $638,100
SAN BENITO CA $765,600 $980,325 $1,184,925 $1,472,550
SAN LUIS OBISPO CA $690,000 $883,300 $1,067,750 $1,326,950
SAN MATEO CA $765,600 $980,325 $1,184,925 $1,472,550
SANTA BARBARA CA $653,200 $836,200 $1,010,800 $1,256,150
TULARE CA $331,760 $424,800 $513,450 $638,100
GLENN CA $331,760 $424,800 $513,450 $638,100
LASSEN CA $331,760 $424,800 $513,450 $638,100
MENDOCINO CA $409,400 $524,100 $633,500 $787,300
ORANGE CA $765,600 $980,325 $1,184,925 $1,472,550
PLUMAS CA $336,950 $431,350 $521,400 $648,000
RIVERSIDE CA $442,750 $566,800 $685,100 $851,450
SAN FRANCISCO CA $765,600 $980,325 $1,184,925 $1,472,550
SAN JOAQUIN CA $448,500 $574,150 $694,000 $862,500
SHASTA CA $331,760 $424,800 $513,450 $638,100
SISKIYOU CA $331,760 $424,800 $513,450 $638,100
STANISLAUS CA $365,700 $468,150 $565,900 $703,250
TRINITY CA $331,760 $424,800 $513,450 $638,100
AMADOR CA $355,350 $454,900 $549,850 $683,350
COLUSA CA $331,760 $424,800 $513,450 $638,100
DEL NORTE CA $331,760 $424,800 $513,450 $638,100
LOS ANGELES CA $765,600 $980,325 $1,184,925 $1,472,550
MODOC CA $331,760 $424,800 $513,450 $638,100
PLACER CA $569,250 $728,750 $880,900 $1,094,700
SAN BERNARDINO CA $442,750 $566,800 $685,100 $851,450
SOLANO CA $506,000 $647,750 $783,000 $973,100
TUOLUMNE CA $331,760 $424,800 $513,450 $638,100
YUBA CA $345,000 $441,650 $533,850 $663,450
FRESNO CA $331,760 $424,800 $513,450 $638,100
INYO CA $373,750 $478,450 $578,350 $718,750
KERN CA $331,760 $424,800 $513,450 $638,100
MERCED CA $331,760 $424,800 $513,450 $638,100
MONO CA $529,000 $677,200 $818,600 $1,017,300
SACRAMENTO CA $569,250 $728,750 $880,900 $1,094,700
SANTA CRUZ CA $765,600 $980,325 $1,184,925 $1,472,550
YOLO CA $569,250 $728,750 $880,900 $1,094,700
BUTTE CA $331,760 $424,800 $513,450 $638,100
MADERA CA $331,760 $424,800 $513,450 $638,100
VENTURA CA $713,000 $912,750 $1,103,350 $1,371,150
CALAVERAS CA $373,750 $478,450 $578,350 $718,750
NEVADA CA $486,450 $622,750 $752,750 $935,500
SAN DIEGO CA $701,500 $898,050 $1,085,550 $1,349,050

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Do You Qualify for an FHA Loan

An FHA loan can be a fantastic means to purchase a home with little money down. The basic requirements are that you need to have a 2 year employment history, documentable income, a 500 or higher credit score, and either a 3.5% down payment (10% if you’re below 580 credit score). Naturally there is more to it, so please reach out to us if you’d like to find out if you qualify.

Contact us at (and don’t forget to provide your phone number): Info@ReverseMortgageLoanAdvisors.com

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