For a conventional loan, the 20223 limit ranges from $647726,200 in the more affordable areas of California like San Bernardino to $970,800$1,089,300 in cities like Los Angeles and San Francisco. These limits are set yearly by the Federal Housing Finance Agency (FHFA).

For an FHA loan, the 2023 limit ranges from $472,030 in lower-cost sections of the state to $1,089,300 in the most expensive places.

Bankrate’s county-by-county directory of loan limits in California can help you determine how much you might be able to borrow based on where you’re looking to buy.

California first-time homebuyer programs

If you qualify as a first-time homebuyer — meaning you haven’t owned a home in the last three years — see if you’re eligible for one of California’s programs designed to put purchasing a home within your reach. The California Housing Finance Agency, also known as CalHFA, offers a range of options geared toward buyers with low or moderate incomes for the area. You might be able to qualify for a loan with a low interest rate and/or a deferred loan to help cover a down payment and closing costs.

Certain cities might offer additional help, so be sure to search for municipal housing authority options, too. In Sacramento, for example, the Community Homeownership Initiative offers grants up to $22,000 for certain low-income first-time homebuyers.

How to find the best mortgage lender

Finding the best mortgage lender ultimately comes down to your individual needs and preferences. Consider what you want out of the home-buying process: Do you want a super-fast closing or to be able to talk to a loan officer in-person? Do you need help with closing costs? In addition, think about what you can do to make your financial picture look appealing to the best mortgage lenders. Identify any potential opportunities to improve your credit and save more money for a down payment, and shop around to make sure you get the best rate possible on a home loan.

Once you find that rate, ask your lender to lock it in. All signs point to somewhat higher interest rates throughout 20223, so you don’t want to let a good deal slip away.

Summary: Best mortgage lenders in California

Methodology

To determine the best mortgage lenders by state, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing timelines, loan products); and experience (application process, customer service). We also evaluated lenders through the lens of different types of borrowers in California using Bankrate’s comparison tool.