Today's California Mortgage Rates
California mortgage rates can and often do adjust daily. For the most up-to-date quote for your specific loan scenario please contact us directly at 1-800-550-5528 or sends a request for a quote through our website (even if it’s the weekend).
At JB Mortgage Capital, Inc. we strive to provide our clients with the best possible terms along with the lowest possible mortgage rates in California. Our loan programs provide a plethora of options for those with excellent credit and those with less than perfect credit. We work hard to streamline the loan process to ensure your mortgage closes on time or before. We cover all of California including San Diego, Los Angeles, Santa Barbara, San Luis Obispo, San Jose, San Francisco, Sacramento, Chico and Redding.
The most popular mortgage rates are the 30 year fixed mortgage rate and the 15 year fixed mortgage rate. Along with those options we have 10 year, 20 year and 25 year fixed mortgage rate options. As far as Adjustable Rate Mortgage options; we offer a 5/1, 7/1 and 10/1 loan term on most of our adjustable loan programs.
Home Refinance Mortgage Rates:
- Streamlined loan process
- Appraisal waiver eligible
- Fixed or Adjustable mortgage rate options
Home Purchase Mortgage Rates:
- Fast closings available; as little as two weeks
- Appraisal waivers are possible; just not as frequent as refinances
- Fixed and Adjustable mortgage rate options
We’re A Top Rated Mortgage Company:
- A+ Rating With The Better Business Bureau (BBB).
- Loan Officer Kevin O’Connor has over 14 year of experience in the mortgage industry.
- One-on-one service from application to closing.
- Five Star rating with Zillow and Mortgage101
California Mortgage Rates
FHA Mortgage Rates
Assumptions: Important mortgage rate disclosure: The above conforming loan program terms are based on a loan to value ratio of 60%, a mid-credit score at or above 740, debt-to-income ratio at or below 40%, primary residence, 1-unit property, no cash out and impounds. For the FHA loan programs; 620 credit score or higher, primary residence, 1 unit, debt-to-income ratio at or below 43% and a loan to value ratio of 96.5% or lower. Mortgage rates are subject to change without notice and this is not a quote, an offer to lend nor a guarantee to lend. Everyone’s situation is unique; please contact us for a specific quote. We do offer mortgage terms for those that might not fit in the above category; call for details. Conforming loan amounts are based on a loan amount of $300,000.00 and FHA loans require the home and loan amount to be eligible for FHA financing.
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California Conforming Loan Limits - 2019:
For 2019 the California conforming loan limits have been raised to record highs. Now homeowners and homebuyers have greater access to conforming loan products such as a conforming 30 year fixed mortgage or the 15 year fixed mortgage loan program. If you’re curious to see if your loan amount qualifies for a conforming loan you can visit our California conforming loan limits page to see the limits for each county in California.
1 unit property:
The general limit for a non-high balance county for a 1 unit property is $484,350.00. This is for both fixed rate mortgage and adjustable rate mortgages.
2 unit property:
The general limit for a non-high balance county for a 1 unit property is $620,200.00. This is for both fixed rate mortgage and adjustable rate mortgages.
3 unit property:
The general limit for a non-high balance county for a 3 unit property is $749,650.00. This is for both fixed rate mortgage and adjustable rate mortgages.
4 unit property:
The general limit for a non-high balance county for a 4 unit property is $931,650.00. This is for both fixed rate mortgage and adjustable rate mortgages.
California conforming high balance:
The counties that are designated “high balance” have limits that go higher than the regular conforming loan limit.
Conforming Loan Qualifications – 2019:
Conforming loans are good for people with credit scores above 700; and in some instances above 680. What is a Conforming loan? A Conforming loan simply means the loan “conforms” to the underwriting standards of either Fannie Mae or Freddie Mac. Fannie Mae and Freddie mac do not make loans directly to consumers; their main purpose is to establish underwriting guidelines for mortgage lenders that lend money to consumers. Here are the general requirements for getting qualified under the Conforming loan program:
As mentioned; if you have above a 700 credit score (in some cases a 680) then a Conforming loan is something you should consider. If you have a credit score below these levels you’ll probably want to look at the FHA home loan program. It provides for better opportunities for those with less than perfect credit. FYI: all mortgage companies use your mid-credit score when qualifying (the middle of the three main credit bureau scores).
A Conforming loan can be used to purchase a Single Family Residence, Condominium, Townhome or 2-4 unit property. It cannot be used to purchase commercial, industrial or vacant land properties. Same rules apply to refinance transactions.
The property can be a primary residence, a vacation/second home or a rental property.
You can use Conforming loans for both cash out transactions and rate-term transaction (these are when you lower your interest rate and/or shorten the length of your term. ie from a 30 year fixed to a 15 year fixed).
Ideally you want your debt-to-income ratio level to be below 45%; and in some cases below 40%. However the Conforming loan program does allow debt-to-income ratios as high as 50% (case by case basis).
Private Mortgage Insurance:
If you have 20% equity or you are putting 20% down you do not need Private Mortgage Insurance (PMI) attached to your payment. What is PMI? It’s an insurance policy you pay that protects the lender in case you default on your mortgage.
If you are considering a refinance or the purchase of a home a Conforming loan might be a good fit for you; especially if you meet the above criteria. If you have any questions about Conforming loans and it’s requirements please be sure to ask.
FHA Home Loan Limits – 2019:
FHA home loan limits are bit more straightforward compared to Conforming loan limits. The Federal Housing Finance Agency (this is the department that adjusts Conforming and FHA loan limits each year).
For over 3,000 counties across the United States, the FHA loan limit will rise to $314,827.00. In 180 counties there is no change to the FHA loan limit. The increase was from 2018’s level of $294,515.00. In high cost areas the FHA loan limit goes increases from $679,650 to $726,525,00. The increase in FHA home loan limits will allow more homebuyers and homeowners access the FHA loan program.
FHA Home Loan Qualifications – 2019:
FHA home loans are good for people with credit scores below 680 – 700. What is a FHA loan? A FHA home loan is a loan that is backed by the Federal government in the event the borrower defaults on their mortgage. Similar to Fannie Mae and Freddie Mac; FHA does not lend directly to consumers. The loan program has specific underwriting guidelines that lenders (who lend directly to consumers) must follow.
Here are the general requirements for getting qualified under the FHA home loan program:
If you have a credit score below 680-700 then you might want to consider a FHA loan.
Similar to Conforming loans; a FHA loan can be used to purchase a Single Family Residence, Condominium, Townhome or 2-4 unit property. It cannot be used to purchase commercial, industrial or vacant land properties. Same rules apply to refinance transactions.
FHA loans differ from Conforming loans when it comes to ownership: the property can only be a primary residence. Vacation/second homes and/or rental properties are not allowed.
Like Conforming loans you can use FHA loans for cash out transactions and rate-term transactions. You can also use the FHA loan program to repair/renovate a home. Under the program the lender will provide additional money to make these repairs/renovations. The total amount you can borrower under the repair/renovation program can be greater than the value of the property.
FHA is bit more strict on debt-to-income ratios. Ideally you’ll want a debt-to-income ratio below 43% if you are applying for a FHA loan. In some cases you can go above that but obtaining an approval above 43% can be somewhat difficult.
FHA loans come with Mortgage Insurance (MI). For more details about this please be sure to check our our FHA home loan page; one of the best guides on the internet for understanding the basics of FHA loans. Basically MI is an insurance policy (similar to PMI) you pay each month (it’s added to your monthly mortgage payment) that protects the lender from a possible default by the borrower. MI is for FHA loans and on the Conforming side it’s PMI.