Mortgage Charges For California | NextAdvisor with TIME

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Mortgage Rates For California | NextAdvisor with TIME

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What are California Mortgage Rates Today?

Current California mortgage rates for Sunday, May 30, 2021 are listed here. The average fixed mortgage rate for 30 years is 3.030%. The average 30 year fixed refinancing rate for mortgages is 3.080%. Today the average fixed mortgage rate for 15 years is 2.320%.

For adjustable rate loans, the average rate on adjustable rate mortgages (ARM) of 5/1 is 3.190%.

This information comes from Bankrate's latest survey of the country's largest mortgage lenders.

Current California Mortgage Rates

Loan type rating
Fixed for 30 years 3.030%
Fixed 15 years 2,320%
5/1 ARM 3.190%
30 years of refi 3.080%

First-time buyer programs in California

California is the first to have national homebuyer programs, as well as many more that serve specific locations.

The California Housing Finance Agency (CalHFA) offers a variety of loan programs for home purchase in California. So if you are taking out a mortgage through one of these programs and have been a homebuyer for the first time (or have not own a home in the past three years) then you may also qualify for Down Payment Assistance through the MyHome Utility Program.

If you qualify for the MyHome utility program, you will be eligible for a deferred loan for down payment or closing costs that will not be repaid until after the home is sold. The maximum benefit amount depends on the type of CalHFA mortgage you are receiving:

  • CalHFA FHA or CalPLUS FHA Loans – The lesser of: $ 11,000 or 3.5% of the sale price or estimated value, whichever is lower
  • CalHFA Conventional, CalPLUS Conventional, or CalHFA USDA Loan – The lesser of: $ 11,000 or 3% of the sale price or estimated value, whichever is lower
  • CalHFA VA Loans – 3% of the sale price or the estimated value, whichever is lower

Most borrowers who qualify for this program can receive a maximum benefit of $ 11,000. However, school and firefighters are not subject to the $ 11,000 limit.

Mortgage Taxes in California

California may have higher state income taxes, but property tax rates are reasonable, with the average effective California condominium tax rate being 0.70%, according to the Tax Foundation. California also has rules that limit how much the appraised value of your home can increase to just 2% per year.

You may be able to deduct mortgage interest and property taxes from your California income taxes. However, this only applies to you if you list your prints instead of taking the standard print. There are other restrictions to be observed as well. Federal law limits mortgage interest deductions to loans up to $ 750,000, and California has a credit limit for mortgage interest deductions of $ 1,000,000.

Mortgage Refinancing in California

Now is an ideal time to refinance as the refinancing rates are exceptionally low. Refinancing a mortgage in California works the same way as any other state, so the considerations are the same.

Each lender will quote you a different rate and charge different fees. Getting quotes from a few different lenders is a great way to compare them and make sure you get the best deal that you can qualify for. The rule of thumb is to refinance your mortgage when you can cut the interest rate by 1% or more. However, the decision is more complex because you have to consider other factors, such as: B. the term of your loan, which affects your interest rate and your monthly payment. And a low refinance rate might not be good business if you pay excessive upfront fees.

County compliance and FHA credit limits

In order for a home loan to be classified as “compliant”, it must comply with the guidelines of the Federal Office for Housing Financing (FHFA). Housing in certain areas of California is much more expensive than the national average. In these countries, the corresponding credit limits are higher in order to take account of the increased real estate prices.

Here are the compliant credit limits set by the FHFA for each California county:

CALIFORNIA 2021 DETERMINATION OF LOAN LIMITS BY COUNTY

DISTRICT ONE UNITY TWO UNITS THREE UNITS FOUR UNIT
ALAMEDA $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
ALPINE $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
AMADOR $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
BUTTE $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
CALAVERAS $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
COLUSA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
CONTRA COSTA $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
DEL NORTE $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
EL DORADO $ 598,000 $ 765,550 925,350 USD $ 1,150,000
FRESNO $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
GLENN $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
HUMBOLDT $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
IMPERIAL $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
INYO $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
CORE $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
KINGS $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
LAKE $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
TO LET $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
LOS ANGELES $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
MADERA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
MARIN $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
BUTTERFLY $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
MENDOCINO $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
MERCED $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
MODOC $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
MONO $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
MONTEREY $ 739,450 $ 946,650 $ 1,144,250 $ 1,422,050
NAPA $ 816,500 $ 1,045,250 $ 1,263,500 $ 1,570,200
NEVADA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
ORANGE $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
PLACERS $ 598,000 $ 765,550 925,350 USD $ 1,150,000
PLUMAS $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
RIVER BANK $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SACRAMENTO $ 598,000 $ 765,550 925,350 USD $ 1,150,000
SAN BENITO $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SAN BERNARDINO $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SAN DIEGO $ 753,250 $ 964,300 $ 1,165,600 $ 1,448,600
SAN FRANCISCO $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SAN JOAQUIN $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SAN LUIS OBISPO $ 701,500 $ 898,050 $ 1,085,550 $ 1,349,050
SAN MATEO $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SANTA BARBARA 660,100 USD $ 845,050 $ 1,021,450 $ 1,269,450
SANTA CLARA $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SANTA CRUZ $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SHASTA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SIERRA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SISKIYOU $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SOLANO $ 550,850 $ 705,200 $ 852,400 $ 1,059,350
SONOMA $ 707,250 $ 905,400 $ 1,094,450 $ 1,360,100
STANISLAUS $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
SUTTER $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
TEHAMA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
TRINITY $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
TULARS $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
TUOLUMNE $ 548,250 $ 702,000 $ 848,500 $ 1,054,500
VENTURA $ 739,450 $ 946,650 $ 1,144,250 $ 1,422,050
YOLO $ 598,000 $ 765,550 925,350 USD $ 1,150,000
YUBA $ 548,250 $ 702,000 $ 848,500 $ 1,054,500

Other types of mortgages follow different rules. For loans supported by the Federal Housing Administration (FHA), the maximum loan size may differ from that for compliant loans.

Here are the FHA credit limits for each California county:

CALIFORNIA 2021 FHA LOAN LIMITS BY COUNTY

DISTRICT ONE UNITY TWO UNITS THREE UNITS FOUR UNIT
ALAMEDA $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
ALPINE $ 463,450 $ 593,300 $ 717,150 $ 891,250
AMADOR $ 364,550 $ 466,700 $ 564,100 $ 701,050
BUTTE $ 356,362 456,275 USD $ 551,500 $ 685,400
CALAVERAS $ 373,750 $ 478,450 $ 578,350 $ 718,750
COLUSA $ 356,362 456,275 USD $ 551,500 $ 685,400
CONTRA COSTA $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
DEL NORTE $ 356,362 456,275 USD $ 551,500 $ 685,400
EL DORADO $ 598,000 $ 765,550 925,350 USD $ 1,150,000
FRESNO $ 356,362 456,275 USD $ 551,500 $ 685,400
GLENN $ 356,362 456,275 USD $ 551,500 $ 685,400
HUMBOLDT $ 356,500 456,350 USD $ 551,650 $ 685,550
IMPERIAL $ 356,362 456,275 USD $ 551,500 $ 685,400
INYO $ 373,750 $ 478,450 $ 578,350 $ 718,750
CORE $ 356,362 456,275 USD $ 551,500 $ 685,400
KINGS $ 356,362 456,275 USD $ 551,500 $ 685,400
LAKE $ 356,362 456,275 USD $ 551,500 $ 685,400
TO LET $ 356,362 456,275 USD $ 551,500 $ 685,400
LOS ANGELES $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
MADERA $ 356,362 456,275 USD $ 551,500 $ 685,400
MARIN $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
BUTTERFLY $ 356,362 456,275 USD $ 551,500 $ 685,400
MENDOCINO $ 442,750 $ 566,800 $ 685,100 $ 851,450
MERCED $ 356,362 456,275 USD $ 551,500 $ 685,400
MODOC $ 356,362 456,275 USD $ 551,500 $ 685,400
MONO $ 529,000 $ 677,200 $ 818,600 $ 1,017,300
MONTEREY $ 739,450 $ 946,650 $ 1,144,250 $ 1,422,050
NAPA $ 816,500 $ 1,045,250 $ 1,263,500 $ 1,570,200
NEVADA $ 526,700 $ 674,250 $ 815,050 $ 1,012,900
ORANGE $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
PLACERS $ 598,000 $ 765,550 925,350 USD $ 1,150,000
PLUMAS $ 356,362 456,275 USD $ 551,500 $ 685,400
RIVER BANK $ 477,250 $ 610,950 $ 738,500 $ 917,800
SACRAMENTO $ 598,000 $ 765,550 925,350 USD $ 1,150,000
SAN BENITO $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SAN BERNARDINO $ 477,250 $ 610,950 $ 738,500 $ 917,800
SAN DIEGO $ 753,250 $ 964,300 $ 1,165,600 $ 1,448,600
SAN FRANCISCO $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SAN JOAQUIN $ 483,000 $ 618,300 $ 747,400 $ 928,850
SAN LUIS OBISPO $ 701,500 $ 898,050 $ 1,085,550 $ 1,349,050
SAN MATEO $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SANTA BARBARA 660,100 USD $ 845,050 $ 1,021,450 $ 1,269,450
SANTA CLARA $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SANTA CRUZ $ 822,375 $ 1,053,000 $ 1,272,750 $ 1,581,750
SHASTA $ 356,362 456,275 USD $ 551,500 $ 685,400
SIERRA $ 356,362 456,275 USD $ 551,500 $ 685,400
SISKIYOU $ 356,362 456,275 USD $ 551,500 $ 685,400
SOLANO $ 550,850 $ 705,200 $ 852,400 $ 1,059,350
SONOMA $ 707,250 $ 905,400 $ 1,094,450 $ 1,360,100
STANISLAUS $ 396,750 $ 507,900 $ 613,950 $ 763,000
SUTTER $ 373,750 $ 478,450 $ 578,350 $ 718,750
TEHAMA $ 356,362 456,275 USD $ 551,500 $ 685,400
TRINITY $ 356,362 456,275 USD $ 551,500 $ 685,400
TULARS $ 356,362 456,275 USD $ 551,500 $ 685,400
TUOLUMNE $ 356,362 456,275 USD $ 551,500 $ 685,400
VENTURA $ 739,450 $ 946,650 $ 1,144,250 $ 1,422,050
YOLO $ 598,000 $ 765,550 925,350 USD $ 1,150,000
YUBA $ 373,750 $ 478,450 $ 578,350 $ 718,750