Orange County lenders announced discounted Orange County mortgage rates on FHA, VA and home equity loans to local OC consumers seeking refinance or purchase help. There are only a few OC mortgage lenders left who still offer reduced rate refinance and FHA loans to local consumers for refinancing or purchase. Our goal is to help consumers looking for a discounted “Orange County mortgage”.
In 2024, the Orange County FHA loan limit is $1,149,825 for high-balance loans and $766,550 for “low-balance” loans.
These Orange County loan amount limits are applicable to 1-unit properties on home loans insured by the Federal Housing Administration.
We believe that qualified residents in Southern California deserve a no cost lending option. Local applicants have many new home loans to consider with mortgage rates dropping in an effort to help prevent more foreclosures in California.
With record low interest rates, refinancing has become very attractive to any borrower who has a rate above 6%. For example, a California homeowner who currently has a 5% rate on a $500,000 mortgage stands to save between $500 and $1,000 a month based on the current rates. Even though Orange County mortgage rates remain near record lows, the trend is definitely pointing towards high rates, so now is the time to lock in a home loan on a fixed term between 15 and 30 years.
Compare Orange County Mortgage Lenders Offering Fixed Rate Loans
- First Time Home Buyers in Orange County Can Finance a New Home
- Military Vets Can Compare Rates on Orange County VA Loans
- Borrowers with Low Fico Scores Get a 2nd Chance with Orange County FHA Loans
- People Seeking Low Rates from $417,000 to $3 Million on Orange County Jumbos
- Government Allows Large FHA Loan Amounts on Orange County Home Loans with FHA
- Check with one of our Orange County mortgage lenders regarding program details and your eligibility.
Different counties and regions across an area will have different FHA loan limits in place for those looking to finance a home using one of these loans. These loan limits are based on the median housing prices found within an area, and an Orange County mortgage may not exceed this predetermined rate when using a FHA loan. This means that should a home cost more than the maximum amount insured by FHA in the house’s region; the buyer will not be able to use these types of loans to finance their purchase.
This year the average home price is $850,000 and the maximum FHA loan in Orange County, CA has been set at $766,500 for 2024. So first time home buyers from San Clemente to Huntington Beach have been busy securing homeownership with federally insured house financing.
The state of California has various counties, and each will have their own set loan limits put in place by the FHA in relation to financing home loans. In higher income regions, these loan limits will be higher to reflect the higher home prices often found within the area, and this same trend is seen in lower income regions as well. For the Orange County region of California, higher FHA loan limits are in place to reflect the average home price found, allowing prospective home buyers to have plenty of options when looking to finance a new home purchase loan in Orange County using a FHA. The current FHA loan limit in place for Orange County is $766,500, allowing qualified FHA home loan applicants their choice of home within their desired Orange County region. While Orange County may have some of the higher loan limits in the state of California, there are other counties in the state whose loan limits soar even further.
While home loan limits in Orange County are expected to be around $800,000 in the year 2025, these loan limit amounts are subject to change on yearly basis. Not only are these loan limits based on income levels and housing prices, they are also often based on fluctuations and trends in the overall housing market of an area, and the loan limit that is in place now may not be in place the following year. For this reason, it is best for all first time and repeat home buyers looking to purchase a home in Orange County to stay up to date on the loan limits being placed on the area to ensure that a desired home will be eligible when the time comes to buy. These rates can often be found by searching by state or county through the HUD.gov website.
The most popular refinance a few years ago was the HARP refinance that is backed by Freddie Mac and Fannie Mae. This mortgage enables underwater homeowners to refinance no matter what their “Loan to Value” may be. That means that even if you owe $500,000 on your mortgage and your home is appraised at $225,000, you may be able to qualify for the Home Affordable Refinance Programs. The HARP program has been suspended.
Industry experts anticipate home values in Orange County to rebound shortly, so we suggest considering tapping your home’s equity with a 2nd mortgage or cashing in with a refinance loan if you need cash. Real Estate evaluators are forecasting property values in Orange County to drop between 2 and 3% in 2024 and 2025. Because of the uncertainty of future of home prices, many O.C. homeowners will be considering refinancing into more stable, traditional mortgages that offer fixed interest rates and fixed monthly payments. As reported on the Nationwide Mortgage Blog, Orange County mortgage rates dipped to record levels last month so now is time for Southern California consumers to act. A few years ago, California FHA loan limits were announced so thousands of West Coast residents are able to benefit from the flexible terms on Orange County FHA loan programs.
Orange County FHA Loan Limits Rise to $1,149,825!
Are you looking for an FHA loan in Orange County? Our Orange County lenders offer home equity, purchase and refinance loans with fixed or adjustable interest rates. We offer the best FHA mortgage rates online for residents in north and south county seeking money back or simple rate and term refinancing. Our Orange County lenders continue to introduce many cutting edge mortgage programs for local homeowners who need to access money, but prefer not to pay off their existing mortgage in the process.
Loss of Orange County Mortgage Lenders Hurting Local Real Estate Recovery
The mortgage and housing industries are complicated animals, which mean that there are a number of factors that can affect their overall health. Unfortunately, a problem in the housing industry has a trickle-down effect that can have negative consequences for entire communities and even the country as a whole. This was clearly evident during the housing crisis that occurred just a few short years ago.
In late 2007, Orange County was one of the most active hubs for lenders offering subprime mortgages. Of course, we all know that that was one of the biggest contributing factors that helped to drag the country into one of the worst recessions in history. Although the housing industry is slowly coming back to life, it is nowhere near as healthy now as it was as little as a decade ago.
One of the unfortunate side effects, particularly for Orange County mortgage lenders, is the fact that with many loan companies now out of business or drastically downsizing, the local economy and especially the real estate industry in the region, has seen a recovery that is slow and often painful. While many industry experts understand that the mortgage industry is by nature cyclical, the recent crisis has made it even more difficult than ever before to be in the mortgage lending business. Companies are cautious because interest rates can change dramatically, which means that they need to be as agile as possible in order to meet the needs of both borrowers and company shareholders as well.
Even some of the biggest mortgage lenders in the country have found that it is necessary for them to eliminate thousands of jobs in order to stay competitive in this industry. When an individual factors in the fact that lending requirements are quite a bit stricter now than they were just a few short years ago, it is easy to understand why lenders may find it difficult to stay profitable in an ever-changing industry. With fewer people being able to qualify for home loans and those individuals being incredibly cautious about the loans that they actually take, mortgage companies are still feeling the pain that started over five years ago.
Orange County and Irvine California in particular has seen a number of vacancies in its offices as many mortgage companies are either consolidated into larger companies or go out of business altogether. This has a ripple effect in the local housing industry and the regional economy, which as both lenders and home buyers in a state of unease.
How California Residents are Benefitting from (see lender) Option Mortgages
If you are looking for the most flexible and creative loan on the market today the Pay Option Arm is the way to go. This loan program is the perfect choice for many looking to take charge of their monthly mortgage payment.
The Payment Option provides borrowers 4 different payment options each month. At one point nearly 50% of Orange County lenders were offering some type of payment option mortgage.
Option One: Minimum Payment: The minimum payment option gives you the smallest payment possible and allows you to keep the most cash flow in your pockets now. It gives you the ability to keep your payments manageable, gives you excess monthly cash flow and allows you to live in the home of your dreams.
Option Two: Interest-Only Payment: This payment option allows payments to stay manageable while paying off the interest of the loan. You can avoid deferred interest with this payment plan at those times when the minimum payment is not enough to pay the monthly interest due.
Option Three: Fully Amortized Payment: This payment option reduces your principal and allows you to pay off your loan as scheduled. It is calculated each month based on the prior month’s interest rate, loan balance and remaining loan term allowing you to reduce your principal while staying on schedule. Option Four: 15 year Payment: This payment option will allow you to own your home twice as fast. This gives you the ability to save on interest while building equity and paying off your loan at a much faster rate.
Giving you the lowest mortgage payment available, with a (see lender) starting interest rate, the Pay Option Arm allows you multiple choices to maintain control of your cash flow and finances. With payments this low you can choose how to spend your savings.
Local Housing Update – The Orange County Daily Breeze published a MBA report that revealed some good news for the California housing sector. Formerly way up near the top of the ranked list of states with dangerously high rates of seriously delinquent mortgages, the state of California is now hiding in the middle of the ranks. Delinquencies in the Golden State fell to 3.07%, down from 3.29%. Read the original Daily Breeze article.
A Few Common Reasons for Orange County Homeowners Getting Second Mortgages:
Refinancing Current Adjustable Rate
Additional Tax Deductions
Elimination of Mortgage Insurance
Debt Consolidation of High Rate Credit
Furniture for New Homebuyers
New Home Construction
Financing a Start-up Business
Purchasing a Vacation Home in Newport Beach
Installing a Swimming Pool
Remodeling your Home
Orange County Home Loans
Property Values remain high in 2024, but the average mortgage in South Orange County is over $700,000.
Don’t wait any longer, Complete a Quick Quote online and a seasoned loan professional live. We offer a helpful consultation from experienced Orange County mortgage lenders with no obligation.
Whether you are purchasing a home in San Clemente, Huntington Beach or Mission Viejo we offer subordinate loans for purchase or refinance. If you need help with a “Zero Down” 100% piggy-back loan, then you have found the right lending source.
Get help from an OC mortgage team that can help you finance pool construction and house improvements, and we will teach how to maximize your cash flow with multiple mortgage options. Wouldn’t you like to put more money in your pocket each month? Many of our home equity loans products became available for people with less than perfect credit to pay off adjustable rate accounts so you can save money.
Nationwide lenders offer many fixed rate solutions, that don’t require you to refinance your first home loan. We offer competitive consolidation loans that will aid you in reducing your monthly expenses while returning you with significant savings. If you are trying to refinance credit card debt, but have poor credit or no equity consider debt settlement.
Option ARM Home Loan Not Available
Interest Only Option
Negative Amortization Option
MTA Index
COFI ARM Index
CODI ARM index
Loan Consolidation from 80 to 100% LTV
Jumbo Loan amounts up to $5,500,000
Pick a Payment Loans are no longer available. Borrowers liked them because they offered increased purchase power with the lowest possible payment. With interest rates that start at (see lender), it is a good idea to discuss the option arm guidelines with a licensed loan officer to see if it is a good fit for your financial plan.
Relevant Orange County Facts:
Average home value for owner occupied primary residence, 2000: $270,000
Homeownership rate, 2000: 61.4%
Average household income, 1999: $58,820
Population, 2004 estimate: 2,987,591
% of people living in same home for 5+ years, 2000: 48.0%
Average commute time from home to work (minutes), 2000: 27.2
* Loan terms are state and federal fee restrictions. Laws may vary per state.
Additional State, City and County data can be viewed online at census.gov
