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Mutual of Omaha Mortgage
What is a Reverse Mortgage
A reverse mortgage is a secure financial tool which allows property owners 62 years and older to borrow against their home equity
Distribution Type
Lump sum, monthly payments, a line of credit or a combination of the three
A reverse mortgage is a secure financial tool which allows property owners 62 years and older to borrow against their home equity
Lump sum, monthly payments, a line of credit or a combination of the three
Best California Mortgage Lenders of 2025
- New American Funding. Best California Mortgage Lender for Low Minimum Credit Scores
- Chase. Best California Mortgage Lender for On-Time Closings
- Guild Mortgage. Best California Mortgage Lender for Zero-Down Mortgages
Summary: Best California Mortgage Lenders
California First-Time Home Buyer Programs
The California Housing Finance Agency (CalHFA) offers several first-time home buyer assistance programs.
First Mortgage Programs
CalHFA offers the following types of first mortgage loans with a fixed 30-year interest rate and the ability to apply MyHome down payment assistance:
- Conventional
- FHA
- VA
- USDA
Additionally, there are CalPLUS FHA and conventional loan programs that carry a slightly higher interest rate than the standard CalHFA counterparts. In exchange, borrowers are eligible for closing cost assistance through the CalHFA Zero Interest Program (ZIP).
Down Payment Assistance
Two different statewide programs can make down payments and closing costs more affordable for you:
- Dream For All. Applicants register for a voucher and are randomly selected for up to 20% of the purchase price in down payment and closing cost assistance. The application window opens for a limited time and assistance cannot exceed $150,000. As this is a shared appreciation loan, voucher recipients must repay up to 20% of the property appreciation value when selling the house. In addition to other qualifying criteria, one buyer must be a first-generation home buyer, and all borrowers must be first-time home buyers.
- MyHome Assistance Program. Receive a deferred-payment junior loan for conventional or government CalHFA first loan programs. You can apply the amount toward the down payment or closing costs. This is a “silent” second loan, meaning all payments are deferred until selling the home, refinancing or paying the CalHFA first mortgage in full.
2024 California Loan Limits
Most conventional mortgages with competitive interest rates fall within the Federal Housing Finance Agency (FHFA) conforming loan limits, which allows them to receive the backing of Fannie Mae and Freddie Mac. It’s also worth noting the different loan limits for the Federal Housing Administration (FHA).
FHFA Conforming Loan Limits
Below are the current conforming loan limits for most counties in California.
2024 Conforming Loan Limits in California (Most Counties)
2024 Conforming Loan Limits in California (Most Counties)
| PROPERTY | LOAN LIMIT |
|---|---|
| One-Unit | $766,550 |
| Two-Unit | $981,500 |
| Three-Unit | $1,186,350 |
| Four-Unit | $1,474,400 |
Below are the current conforming loan limits for one-unit properties in California counties with higher living costs.
2024 Conforming Loan Limits in California (High Cost-of-Living Counties)
2024 Conforming Loan Limits in California (High Cost-of-Living Counties)
| COUNTY | LOAN LIMIT |
|---|---|
| Alameda | $1,149,825 |
| Contra Costa | $1,149,825 |
| Los Angeles | $1,149,825 |
| Marin | $1,149,825 |
| Monterey | $920,000 |
| Napa | $1,017,750 |
| Orange | $1,149,825 |
| San Benito | $1,149,825 |
| San Diego | $1,006,250 |
| San Francisco | $1,149,825 |
| San Luis Obispo | $929,200 |
| San Mateo | $1,149,825 |
| Santa Barbara | $838,350 |
| Santa Clara | $1,149,825 |
| Santa Cruz | $1,149,825 |
| Sonoma | $877,450 |
| Ventura | $954,500 |
FHA Loan Limits
The FHA loan limits apply strictly to FHA loans and are separate from the FHFA limits. For 2024, the one-family loan limit is $498,257 in most counties. The limit increases to $763,600 for the Sacramento metro area, $1,006,250 for the San Diego metro area and $1,149,825 for the Los Angeles and San Francisco metro areas.
2024 FHA Loan Limits in California
2024 FHA Loan Limits in California
| COUNTY | LOAN LIMIT (ONE UNIT) |
|---|---|
| Alameda | $1,149,825 |
| Alpine | $503,700 |
| Contra Costa | $1,149,825 |
| El Dorado | $763,600 |
| Inyo | $508,300 |
| Los Angeles | $1,149,825 |
| Marin | $1,149,825 |
| Mendocino | $546,250 |
| Mono | $693,450 |
| Monterey | $920,000 |
| Napa | $1,017,750 |
| Nevada | $644,000 |
| Orange | $1,149,825 |
| Placer | $763,600 |
| Riverside | $644,000 |
| Sacramento | $763,600 |
| San Benito | $1,149,825 |
| San Bernadino | $644,000 |
| San Diego | $1,006,250 |
| San Francisco | $1,149,825 |
| San Joaquin | $656,650 |
| San Luis Obispo | $929,200 |
| San Mateo | $1,149,825 |
| Santa Barbara | $838,250 |
| Santa Clara | $1,149,825 |
| Santa Cruz | $1,149,825 |
| Solano | $685,400 |
| Sonoma | $877,450 |
| Stanislaus | $517,500 |
| Ventura | $954,500 |
| Yolo | $763,600 |
| All Remaining Counties | $498,257 |
Methodology
When determining the best lenders by state, we graded each lender based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, minimum credit score, accessibility, closing time and customer service.
We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.
Our scoring method is broken down as follows:
- Interest rate. 20%
- Accessibility. 20%
- Customer service experience. 20%
- Loan options. 15%
- Time to close. 15%
- Loan minimums. 10%
- Bonus points. Up to 5% of the total score
We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.
