Sat. Apr 17th, 2021

Looking for beaches and wine in California? Buying a home in California can be expensive, with mediocre home prices above the national average price.

The median housing price in the Golden State is $ 509,400, which is double the $ 217,600 U.S. median price. But California exceeds its treasured coastal cities, and home values ​​can vary, depending on where you are hoping to settle.

US News’ Best California Mortgage Lenders

Best for Fair Credit

Flagstar provides banking and lending products in every state. Lenders can choose from traditional or government-backed mortgages, such as FHA, VA and the US Department of Agriculture loans, and opt for adjustable-rate mortgages. Other options include home equity loans and lines of credit.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Refinance and USDA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Offers a wide selection of mortgage and home equity loans

  • Offers certain mortgages that do not require a down payment

  • Allows borrowers to apply for online loans

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Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

Best counter

  • No military service required

  • No minimum loan amount determined

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Best for bad credit

Carrington Mortgage Services produces a range of mortgages, including refinances, available to borrowers nationwide. The company, which provides traditional and government-backed mortgages, has funded $ 22 billion in home loans since 2011.

Before you apply

  • Mortgage Type: ARM, Conventional, FHA, Home Equity Loans and Halo, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 500
  • Maximum loan amount: $ 2.5 million
  • Better Business Bureau Rating: A +

Best counter

  • Accepts applicants with a credit score of at least 500

  • Offers traditional loans with less than 3% payment

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

Best counter

  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for low APR

New American Funding is a national mortgage lender with a wide variety of home loan options. The lender has processed more than $ 27 billion in mortgages.

Before you apply

  • Mortgage Type: ARM, Cash-Out Refinancing, Traditional, FHA, Halos, Jumbo, Reverse, USDA and VA
  • Minimum FICO Credit Score: 500
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Offers several mortgage options, including low and low-down payment loans

  • Offers fixed or adjustable rate mortgages

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Best without any down payment

Alliant Credit Union is a non-profit financial cooperative that serves customers in all states except Maryland. Borrowers can take out traditional, jumbo, refinance and home equity loans.

Before you apply

  • Mortgage Type: Traditional, first time homebuyers, hallows and refinancing
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: $ 2.5 million
  • Better Business Bureau Rating: A +

Best counter

  • Issues no down-payment mortgages for first time homebuyers with excellent credit

  • FICO offers mortgages to borrowers with credit scores as low as 620

  • Allows for a loan-to-income ratio of up to 50% for some loan programs

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Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

Best counter

  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

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Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

Before you apply

  • Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

Best counter

  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

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Best for low down payment

PNC Bank is one of the largest US banks, serving more than 8 million customers in all 50 states. PNC offers most types of mortgages.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, First Time Homebuyer Program, Home Equity, Halo, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: Unpublished
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

Best counter

  • Offers many types of mortgages

  • Provides no or low-down mortgage

  • An online home ownership cost appliance supply

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Best for Fair Credit

NBKC Bank is a Kansas City-based mortgage lender. It originates home loans in every state.

Lender highlights

  • Mortgage Type: ARM, Traditional, Experienced Affairs Department, FHA, Refinance
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: Unpublished
  • Better Business Bureau Rating: A +

Best counter

  • Some fair credit borrowers are eligible

  • Simple online process for applicants

  • VA loans with no lender fees

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What are the mortgage rates in California?

Average interest rate for a 30 year fixed rate California Has Customizing Mortgages 2.82%.

House interest rates Range from 2.38% Service 4% in California.

What are today’s mortgage rates?

By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.87% 2.9%
15-Year Fixed Rate Mortgage 2.34% 2.38%
30-Year Fixed-Rate Jumbo Mortgage 2.89% 2.93%
5/1 ARM 2.99% 3.03%
5/1 Jumbo ARM 2.86% 2.85%

* Rates for January 1, 2021

mortgage calculator

Is your dream home within reach? US News’ mortgage calculator will show you how much home you can buy.

What are some California homebuyer programs?

California homebuyers can help with these programs with down payment and closing costs. Grant money is also available for energy-efficient improvements.

  • available to: Homebuyers for the first time.
  • Income Range: Different from county.
  • First time homebuyers only? Yes.
  • Payment and closing cost assistance: When you choose a CalPLUS traditional loan or a CalPLUS FHA loan, the first mortgage offers a deferred-payment, no-interest junior loan up to 3% of the loan amount. The payment is deferred for the life of the first mortgage.

  • available to: Homebuyers for the first time.
  • Income Range: Different from county.
  • First time homebuyers only? Yes, there are exceptions for borrowers affected by natural disasters in California or for those using the Indian Home Loan Guarantee Program.
  • Payment and closing cost assistance: Extends a deferred-payment junior loan to less than 3.5% of the purchase price or estimated value, depending on the loan program you choose. Payment is when you first pay, refinance or default on a loan, sell the property, or transfer title.

  • available to: Teachers, administrators, school district employees, and staff members working for any California K-12 public school, charter schools or county / continuity school.
  • Income Range: Different from county.
  • First time homebuyers only? Yes, there are exceptions for borrowers affected by natural disasters in California or for those using the Indian Home Loan Guarantee Program.
  • Payment and closing cost assistance: An eligible CalHFA offers a deferred-payment junior loan up to 4% of the purchase price when combined with the first mortgage loan. The loan must be repaid when you first pay, refinance or default on the loan, sell the property, or transfer title.

  • available to: California homebuyers with an FHA-insured energy-efficient mortgage who want to make energy-efficient improvements over and above the FHA maximum loan amount.
  • Income Range: Different from county.
  • First time homebuyers only? No.
  • profit: The first mortgage provides a grant of up to 4% of the loan amount.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising clients of US News. Advertising ideas can influence offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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