FHA loans are the most popular loans in California. According to Burns Real Estate Consulting in Irvine, 59% of new-home buyers are using government backed loans . FHA loans in Los Angeles and San Bernardino County have long been annecdotally credited with the Southern California housing recovery. Now the data is in. That means that less than half of new-home buyers are putting down larger downpayments or are cash-buying investors.
In addition, FHA accounts for nearly half of all mortgages, while loans from the Department of Agriculture and the Department of Veterans’ Affairs account for another 10% of all loans for new homes.
In Northern California, like in Kern County and Fresno County, for example, builders said that the government accounted for 76% of all mortgages.
Southern California has the highest share of purchases with FHA jumbo loans, at 15%.
Top Articles / Links / Questions:
- FHA Loan Limits – Upland, CA
- FHA Seller Paid Closing Costs – Upland, CA
- California Investment Property With an FHA Loan
- What Is FHA Gift Money?
- The Trouble With FHA Loans in California
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Brian WiesnerCalifornia FHA Mortgage Expert |
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