Condo Loan Programs for California
Understanding Mortgage Loan Options for Condos: Agency, Conventional, Government, and Non-Agency
Navigating the complexities of mortgage loans can be overwhelming, but at Pacific Home Loans, we strive to simplify the process for you. We have compiled clear explanations and user-friendly charts to help you comprehend various loan options, whether you’re considering Agency Loans, exploring Conventional and Government-backed choices, or contemplating flexible Non-Agency Loans like Portfolio Loans for your Condo or Condotel purchase.
Your Go-To Guide:
Your journey to making informed decisions starts here. We are committed to providing you with the knowledge you need to confidently select the right mortgage program and terms for your unique situation.
Conforming Conventional, Government, and Portfolio Loans for Condos
What are Agency Loans?
Both Conventional and Government loans fall under the category of Agency Loans as they are backed by government agencies such as:
Federal National Mortgage (Fannie Mae)
Federal Home Loan Mortgage Corp. (Freddie Mac)
Government National Mortgage Association (Ginnie Mae)
Impact on Home Loan Options:
- Conforming Conventional Loans are saleable to Fannie Mae or Freddie Mac within conforming limits. These loans are available with various terms, including fixed and adjustable-rate mortgages.
- Government Loans, saleable to Ginnie Mae, encompass VA, FHA, and USDA loans, each offering diverse terms. Approval of the condo project is essential for these loans.
- Non-Agency Loans, known as Portfolio Loans, are not backed by government entities and are available for scenarios outside Agency guidelines. These loans can be tailored to your needs, spanning fixed and adjustable-rate mortgages.
Guidance for Condo Selection: Your loan officer will assess the condo building of interest, guiding you to choose the best loan program and term. Conforming conventional and government loans have specific eligibility criteria for condo projects, while portfolio loans provide flexibility for non-eligible projects.
California Condo Loan Program Guides
Maximum Loan Amounts for California
2025 Conforming Conventional Loan Limits for California
| County | 1 Unit Property | 2 Unit Property | 3 Unit Property | 4 Unit Property |
|---|---|---|---|---|
| Kern | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
| Marin | $1,209,750 | $1,548,975 | $1,872,225 | $2,326,875 |
| Napa | $1,017,750 | $1,302,900 | $1,574,900 | $1,957,250 |
| Orange | $1,209,750 | $1,548,975 | $1,872,225 | $2,326,875 |
| Placer | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
| Riverside | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
| San Diego | $1,077,550 | $1,379,450 | $1,667,450 | $2,072,250 |
| Santa Cruz | $1,178,750 | $1,509,050 | $1,824,050 | $2,266,900 |
If your county is not included above, see the complete list of Agency maximum conforming loan limits by county.
2025 FHA Loan Limits for California
| County | 1 Unit Property | 2 Unit Property | 3 Unit Property | 4 Unit Property |
|---|---|---|---|---|
| Kern | $524,225 | $671,200 | $811,275 | $1,008,300 |
| Marin | $1,209,750 | $1,548,975 | $1,872,225 | $2,326,875 |
| Napa | $1,017,750 | $1,302,900 | $1,574,900 | $1,957,250 |
| Orange | $1,209,750 | $1,548,975 | $1,872,225 | $2,326,875 |
| Placer | $763,600 | $977,550 | $1,181,650 | $1,468,500 |
| Riverside | $672,750 | $861,250 | $1,041,050 | $1,293,750 |
| San Diego | $1,077,550 | $1,379,450 | $1,667,450 | $2,072,250 |
| Santa Cruz | $1,209,750 | $1,548,975 | $1,872,225 | $2,326,875 |
If your county is not included above, see the complete list of FHA maximum conforming loan limits by county.
2025 VA Loan Limits for California
In 2024, the Department of Veterans Affairs (VA) has eliminated loan limits for veteran home buyers who possess their full entitlement. This significant change allows qualified veterans to make a home purchase without constraints on the purchase price, provided they can make a 0% down payment, and is not restricted by county loan limits.
Key Features from Pacific Home Loans:
- No Purchase Price Limit for Full Entitlement: Qualified veterans with their full entitlement available can secure a VA loan with a 0% down payment, regardless of the county loan limits. Pacific Home Loans extends this benefit up to $2,500,000, and in some cases, even higher.
- Partial or No Entitlement: Veterans with partial or no remaining entitlement still have the opportunity to apply for a VA home loan. However, a down payment may be required. The down payment amount is determined through a calculation considering the remaining entitlement, county conforming loan limit, and the purchase price.
Assistance from Your Loan Officer:
Our experienced loan officers at Pacific Home Loans are ready to assist veterans in calculating the precise down payment required for their specific home purchase scenario. We understand the complexities involved and are dedicated to providing personalized guidance to ensure a seamless and informed process.
At Pacific Home Loans, we take pride in supporting our veterans in achieving their homeownership goals. Contact us today, and let our team assist you in navigating the VA loan process with clarity and expertise.
Primary Residence California Counties with Highest Loan Limits & Loan Programs
The figures in the chart below are based on the 2025 Conforming Loan Limit for California of a 1 Unit condo, specifically focusing on counties with the highest loan limits.
| Minimum Down Payment % | Maximum Purchase Price | Loan Program |
|---|---|---|
| 0% | $2,500,000 | VA Loan with full Entitlement |
| 3% | $1,247,165 | Fannie Mae HomeReady® – Orange County |
| 3% | $1,247,165 | Freddie Mac Home Possible® – Marin County |
| 3.5% | $1,253,627 | FHA Loan – Santa Cruz County |
| 3.5% | $1,116,632 | FHA Loan – San Diego County |
| 3.5% | $1,054,663 | FHA Loan – Napa County |
| 5% | $1,273,421 | Conventional Conforming – Orange County |
