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Los Angeles County, California FHA, VA, and USDA Loan Information

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Table of Contents

What are the government loan limits in Los Angeles County, CA?

What parts of Los Angeles county are eligible for USDA loans?

Do I need flood insurance?

How do I learn about Property Taxes in Los Angeles County

What is the median home price in Los Angeles County, CA?

How many people live in Los Angeles County?

What are the major cities?

How do I see FHA- and VA-Approved homes for sale?

Is there a cost to have a real estate agent represent me?

What closing costs do I need?

How can I get assistance with closing costs?

How to Buy a Home in Los Angeles

About Los Angeles County

Approved Condominium Projects in Los Angeles County

How much of a loan can I qualify for, based on my income?

FAQ

What are the government loan limits in Los Angeles County?

  • FHA Loan Limit $765,600 (Single family residence) / $980,325 (Duplex) / $1,184,925 (Triplex) / $1,472,550 (Fourplex)
  • USDA Loan Limit $581,220
  • VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $765,600 *(Call 888-573-4496 for details).


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What parts of Los Angeles county are eligible for USDA loans?

Although it is not a rural county, some parts of Los Angeles County are eligible for USDA Rural Development loans, particularly in the northern part of the county. This includes communities like Littlerock, Acton, and Palmdale.

Eligible Zip Codes: 90265, 90704, 91040, 91355, 93510, 93543,93544, 93550, 93553, 93563, 93591

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Do I need flood insurance?

The USDA, FHA, and VA all require people to purchase flood insurance on homes located in Special Flood Hazard Areas. In Los Angeles County there are flood plains along the river and in many of the low-lying parts of the cities. Your agent can help you determine whether you’d be required to purchase flood insurance on a particular property.

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How do I learn about Property Taxes in Los Angeles County?

The Los Angeles County Assessor is Jeffrey Prang. His office is located at: Kenneth Hahn Hall of Administration 500 W. Temple Street Room 225 Los Angeles, CA 90012-2770
The Assessor’s Office is where you can learn about your property taxes in Los Angeles County and file your statement online.

Veterans, owner-occupiers, and senior citizens may be eligible for property tax relief. You can find out whether you qualify through the county assessor. In addition, the Assessor’s Office can do re-appraisals to determine property values and flood risks.


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What is the median home price in Los Angeles County, CA?

As of February 2020, the median home price in Los Angeles County is $615,000 and the median household income is $64,251.

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How many people live in Los Angeles County?

With a population of 10,105,518, Los Angles is the biggest county in California by a pretty wide margin. It has about 7 million more residents than the next-largest county, San Diego. However, there is more to Los Angeles County than just the big cities. The smallest city, Vernon, has just over 100 residents.

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What are the major cities?

The major city in Los Angeles County is, of course, the county seat in the City of Los Angeles. However, LA isn’t the be-all, end-all of the county. All told, there are 88 cities in the county – and that’s not including the unincorporated communities. Other notable cities are Burbank, Glendale, Pomona, and Long Beach.

How do I see FHA- and VA-Approved homes for sale?

You can view all of the properties available for sale in Los Angeles County through the Multiple Listing Service. You can also see approved condos at the bottom of this page.

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Is there a cost to have a real estate agent represent me?

The seller must pay real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process.

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What closing costs do I need?


For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.

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How can I get assistance with closing costs?

There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment. There is also the CalHome program, which offers down payment assistance and to reduce or finance other closing costs.

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How to Buy a Home in Los Angeles County

Are you interested in buying a home in Los Angeles? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Los Angeles County.

  1. Get in touch with a loan officer – give us a call at 877-432-5626

    We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.

  2. Compare loan offers.

    Either call us or fill out the form on this page.

  3. Give your Loan Officer the information they need to find you a loan

    For a purchase loan or cash-out refinance:

    • Your ID
    • Previous two years of W2s
    • Most recent 30 days paystubs
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info

    For a refinance loan, you will also need information on the loan you want to refinance.


  4. Compare Loan offers

    Compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.

  5. Find a home

    Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Los Angeles County. Now you’re ready to preview properties and start touring homes.

  6. Make an offer and negotiate the terms of the sale

  7. Get the necessary and recommended inspections

    Required Inspections:

    • Termite Inspection
    • Well or septic inspections, if applicable
    • We can help you check if your home is in one of the Los Angeles County flood hazard areas.

    Recommended Inspections:
    Home Inspection, Roof Inspection, Sewer Inspection

  8. Get the home appraised

    Construction loans require a construction appraisal and permit approval

  9. Lock in your interest rate

    Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.

  10. Close the deal and get packing!

    You’re ready to go!

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About Los Angeles County

Home to the City of Angels, Los Angeles County is the largest and busiest county in California. It stretches from the Pacific Ocean in the West to the San Gabriel Mountains in the East. It is also the heart and soul of Southern California. Whether it’s city nightlife, days at the beach, or a place up on the hills, LA County has got it all.

Education

Los Angeles County is a great place to get an education. With 80 K-12 school districts and almost 2,000 schools, the county serves 1.5 million students. At schools like the L.A. County High School for the Arts and the IPoly High School, 96% of graduates are college bound.

What’s more, the region has more top-ranked universities than anywhere in the country. In addition, there are plenty of think tanks, research labs, and businesses where you can find a career after graduation.

Business in LA County

Los Angeles is also known as a hub of business and industry. For example, LA County is America’s gateway to international trade. This is because it’s linked into the major ports, airports, and train routes. The county also has the largest trade workforce in the country.

In addition, on a domestic scale, Los Angeles county serves a local market of 10 million people who have a total personal income of nearly $500 billion. It is also the undisputed center of the world’s creative industries and the #1 US County for manufacturing.

The county also offers a three-year business tax exemption for new businesses and tax credits for film companies for every 5 years they spend in California. Los Angeles is also very friendly to tech and startup companies. In fact, these industries contribute over $100 billion to the county’s GDP.

Whether you’re looking to get your creative business off the ground, break ground on a startup, or expand your business’s international trade, Los Angeles County is a great location.

You may also benefit from an SBA loan, which can provide up to $5 million. These loans can be used to finance purchases of equipment or real estate or as a source of working capital. Because they are government-backed, SBA loans are available to businesses that struggle to get funding from other lenders.

Outdoor Living

People live in LA because they love life on the water. To get some beach time in, you can head over to Santa Monica Pier or visit one of the more relaxed beaches in North County.

Life’s not just a day at the beach, though. There are also many lakes in Los Angeles County, which provide excellent opportunities for fishing, boating, swimming, and much more. For some of the best hiking in SoCal, be sure to visit Angeles National Forest or Los Padres National Forest.

History and Culture

Los Angeles County residents also benefit from the region’s rich history. The Museum of Jurassic Technology is a blast from the past. You can see more modern exhibits at the Museum of Neon Art. In addition, the Griffith Observatory lets you gaze into the heavens and learn about the wonders of the solar system.

There’s also the great entertainment and nightlife to consider. There are countless famous concert venues in Los Angeles County. Whether it’s at Whiskey A Go Go or the Hollywood Bowl, your favorite act is sure to stop by. Then there is the endless parade of film festivals and cultural events taking place year-round. Foodies, film buffs, and fashionistas won’t have any trouble keeping up with the latest trends.

Approved Condos in Los Angeles County

There are many FHA- and VA-approved condominiums in Los Angeles County. For an up-to-date list of FHA-approved condos, follow this link.

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How much of a loan can I qualify for, based on my income?

Monthly Income Purchase Price
$2,628.90 $195,175.91
$2,832.00 $210,254.55
$3,181.50 $236,202.27
$3,612.00 $268,163.64
$3,985.50 $295,893.18
$4,361.10 $323,778.64
$4,971.90 $369,125.91
$5,761.50 $427,747.73
$6,892.20 $520,625.00
$5,199.60 $368,791.82
$5,743.80 $408,815.91
$6,249.90 $450,287.73
$6,998.10 $501,960.45
$9,776.70 $725,845.91
$5,568.00 $413,381.82
$6,574.80 $488,129.09
$7,569.60 $561,985.45
$5,141.40 $381,710.00
$6,345.30 $471,090.45
$7,639.80 $567,197.27
$8,360.10 $620,674.09
$9,260.70 $687,536.82
$10,095.30 $749,499.55
$12,165.00 $903,159.09
$13,929.60 $1,034,167.27
$17,511.00 $1,300,059.09
$18,406.80 $1,366,506.06

Purchase Price subject to credit and income evaluation.

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