![]() ![]() You can expect to pay for 12 months of homeowners insurance upfront when you purchase a home. The average annual homeowners insurance in California is about $1,200. State law limits any increases caused by inflation, currently set at no more than a 2% annual increase. After a home sale, the assessor typically uses the sales price for that base year. □How much will taxes cost? California’s property tax rate is 1% of the tax assessed value. The lender holds those funds in an escrow account until your tax bill You’ll also pay monthly pro-rated tax installments with your mortgage payment. Your lender will require a lump sum to cover your share of property taxes for the year of sale. You can borrow a maximum of $675,050–$970,800 with an FHA loan to purchase a single-family home in California’s most expensive markets. ![]() The upfront mortgage insurance premium (UFMIP) is 1.75% of your loan amount to be paid at closing. You’ll need to pay for two types of mortgage insurance. The average mortgage insurance rate in California is 0.85% of your loan but it varies based on your down payment, mortgage amount, and repayment term. To your California FHA down payment is allowed. But you’ll need to come up with a 10% down payment if your score is between 500 and 580. When buying a house in California with an FHA loan, you only need 3.5% of the purchase price if you have a 580 credit score. How to calculate your California FHA loan amount ![]()
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