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Monterey County, California FHA, VA, and USDA Loan Information

The seal of Monterey County.
From mountains, to farms, to the rugged coast, Monterey County has it all.

Table of Contents

What are the government loan limits in Monterey County, CA?

What parts of Monterey county are eligible for USDA loans?

Do I need flood insurance?

How do I learn about Property Taxes in Monterey County

What is the median home price in Monterey County, CA?

How many people live in Monterey 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 Monterey

About Monterey County

Approved Condominium Projects in Monterey County

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

FAQ

What are the government loan limits in Monterey County?

  • FHA Loan Limit $672,750 (Single family residence) / $861,250 (Duplex) / $1,041,050 (Triplex) / $1,293,750 (Fourplex)
  • USDA Loan Limit $521,640
  • VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $672,750*(Call 888-573-4496 for details).


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What parts of Monterey county are eligible for USDA loans?

Many areas in Monterey County are eligible for USDA Rural Development home loans, including all of Soledad and a small part of Salinas. In addition, much of the eastern county and some seaside areas like Moss Landing and Castroville are eligible.

However, most of Salinas and all of Monterey City are not eligible.

Eligible zip codes: 93426, 93450, 93907, 93908, 93920, 93924, 93925, 93926, 93927, 93930, 93932, 93960, 95004, 95012, 95039

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Do I need flood insurance?

The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas. In Monterey County, most of the flood zones are in the coastal areas. Nonetheless, your real estate agent can help you check if a specific property is in a flood area.

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How do I learn about Property Taxes in Monterey County?

Stephen L. Vagnini is the Monterey County Assessor. His office can be found in Salinas at:
Location of Assessor’s Office: Monterey County Government Center Administration Building Assessor’s Office 168 West Alisal Street, 1st Floor Salinas, CA 93901
Office Hours: 8 A.M. – 5 P.M. Monday – Friday, excluding Holidays & posted advance notice closure days/hours
Mailing Address: Monterey County Assessor P.O. Box 570 Salinas, CA 93902-0570
Phone: (831) 755-5035 Fax: (831) 755-5435

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.


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What is the median home price in Monterey County, CA?

As of February 2020, the median home price in Monterey County is $390,400.

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How many people live in Monterey County?

Monterey County’s population is 435,594. It has a veteran population of over 17,000 people. In addition, there are only 126 people per square mile in Monterey. Much of the county is made up of large stretches of farmland.

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What are the major cities?

The three largest cities in Monterey are Salinas, Monterey, and Soledad. Salinas and Soledad are both known for their farming communities. On the other hand, Monterey is a seaside community with a long history in fishing and canning. It is also famous for its aquarium.

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

You can view all of the properties available for sale in Monterey 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 Monterey County

Are you interested in buying a home in Monterey? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about the process, click this link and we will answer any questions you still have.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Monterey 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 Monterey 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 Monterey 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 Monterey County

Located on the western edge of California, Monterey County is a great place for those looking for their beach paradise. Thanks to the large number of beaches, forests, and trails, Monterey County is the perfect place for people who love to get outdoors. The county makes the most of the mild California weather by hosting outdoor festivals and fairs.

Once you head away from the coast, you get into the “Salad Bowl of the World.” Salinas, the Monterey county seat, is one of the main salad producers in the US. However, it’s not just the rich soil that makes Monterey County a farming hub. The region is also one of the world leaders in agricultural technology (AgTech).

Recreation

Monterey County has plenty to offer for people who are sporty or love the outdoors. Northern California is the birthplace of mountain biking, and there are plenty of great single-track trails to explore. There’s also a bike path that runs all the way up the California Coast.

If leisurely hikes and laying on the beach are more your pace, the Salinas River National Wildlife Refuge and Pinnacles National Park let you take in the scenery at your own speed. There is also great camping at Andrew Molera State Park.

In addition to its natural beauty, Monterey County is also a social hub. The annual county fair has great food, awesome local art, and a spooky haunted mansion. There are also countless cultural and musical festivals that take place throughout the county. Finally, there is the world-class local arts scene. Take one look at the Big Sur coastline, and you’ll see why it’s no surprise that some of the world’s best arts call Monterey County their home.

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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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Approved Condos in Monterey County

Below you will find the current VA- and FHA-Approved Condos in Monterey County. Don’t see the condo project you’re looking for? Call FedHome Loan Centers at 877-432-5626, and we’ll help. We can get almost any condo approved

FHA-Approved Condos

COUNTRY CLUB GATE, A CONDOMI**
S012258 001 81 COUNTRY CLUB GATE
PACIFIC GROVE, CA 93950 MONTEREY DELRAP 62 Units
**Country Club Gate, A Condominium None Recorded/
Uploaded No 1.61% Approved 03/22/2018 03/22/2020
CYPRESS PARK
S008477 001 820 CASANOVA AVE
MONTEREY, CA 93940 MONTEREY HRAP 128 UNITS IN PROJECT.

NOTE TO LOAN LEVEL LENDERS: 32 DEED RESTRICTED UNITS B62,B63,C73,C74,C77,C78,D66,D70,J84,J87,J88,K91,K92,K95,K96,L99,L100,L103,L104,O105,O109,O110,P113,P114,P117,P118,Q121,Q122,Q125,Q126,R1,R5 ARE NOT ELIGIBLE FOR INSURING. Exists
Recorded/
Uploaded No 4.16% Approved 04/30/2019 04/30/2021
FOREST GROVE
S013349 001 1020 BRENTWOOD CT
PACIFIC GROVE, CA 93950 MONTEREY HRAP ALL 113 UNITS IN PROJECT Exists
Recorded/
Not Uploaded No 0.88% Approved 08/21/2018 08/21/2020
LIBERTY AT EAST GARRISON
S013561 001 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 1: UNITS 100-115 = 16 TOWNHOME UNITS OF THE PROPOSED 150 TOWNHOMES UNITS WITHIN MULTI-PRODUCT TYPE PROJECT. DEED RESTRICTED UNITS NUMBERS: 44,45,49,52,56,57,58,102,106,109,113,296,297,289,292, 302,303, 307, 310. Exists
Recorded/
Uploaded No 25.00% Approved 12/12/2018 12/12/2020
LIBERTY AT EAST GARRISON
S013561 002 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 2: UNITS 42-47 = 6 CONDO UNITS OF PROPOSED 150-UNIT CONDO PROJECT.
**LENDERS – SEE COMMENTS BELOW REGARDING DEED-RESTRICTED UNITS IN PROJECT. Exists
Recorded/
Uploaded No 25.00% Approved 06/30/2017 12/12/2020
LIBERTY AT EAST GARRISON
S013561 003 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 3: UNITS 48-59 = 12 UNITS OF PROPOSED 150 UNIT PROJECT.
**LENDERS – SEE COMMENTS BELOW Exists
Recorded/
Uploaded No 25.00% Approved 08/09/2017 12/12/2020
LIBERTY AT EAST GARRISON
S013561 004 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 4: UNITS 294 TO 305 INCLUSIVE = 12 UNITS OF PROPOSED 150 UNIT PROJECT.
**LENDERS – SEE COMMENTS BELOW REGARDING DEED-RESTRICTED UNITS. Exists
Recorded/
Uploaded No 25.00% Approved 06/14/2018 12/12/2020
LIBERTY AT EAST GARRISON
S013561 005 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 6: UNITS 630-635 = 6 UNITS OF PROPOSED 150 UNIT PROJECT IN TRACT 1519.

**LENDERS – SEE COMMENTS BELOW REGARDING DEED-RESTRICTED UNITS Exists
Recorded/
Uploaded No 25.00% Approved 08/07/2018 12/12/2020
LIBERTY AT EAST GARRISON
S013561 006 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 5: UNITS 287-293, 306-312 = 14 UNITS OF PROPOSED 150-UNIT PROJECT.

**LENDERS – SEE COMMENTS BELOW REGARDING DEED-RESTRICTED UNITS Exists
Recorded/
Uploaded No 25.00% Approved 08/17/2018 12/12/2020
LIBERTY AT EAST GARRISON
S013561 007 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 7,8; BLDG 600AX, 600BX, 624BY; UNITS 636 TO 646, 615 TO 620 = 17 UNITS IN PROPOSED 150 UNITS OF MULTI-PRODUCT TYPE PROJECT.
**LENDERS – SEE COMMENTS BELOW REGARDING DEED-RESTRICTED UNITS Exists
Recorded/
Uploaded No 25.00% Approved 09/27/2018 12/12/2020
LIBERTY AT EAST GARRISON
S013561 008 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 9: UNITS 506 – 511 = 6 UNITS OF PROPOSED 150-UNIT PROJECT.

***LENDERS – SEE NOTE REGARDING DEED-RESTRICTED UNITS IN COMMENTS BELOW Exists
Recorded/
Uploaded No 25.00% Approved 02/06/2019 12/12/2020
LIBERTY AT EAST GARRISON
S013561 009 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 10 : UNITS 512-522 = 11 UNITS TOTAL OF PROPOSED 150 UNIT PROJECT. None Recorded/
Uploaded No 25.00% Approved 02/28/2019 12/12/2020
LIBERTY AT EAST GARRISON
S013561 010 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 11: UNITS 523-528 = 6 UNITS OF PROPOSED 150-UNIT PROJECT. None Recorded/
Uploaded No 25.00% Approved 04/24/2019 12/12/2020
LIBERTY AT EAST GARRISON
S013561 011 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 12: UNITS 590-601 = 12 UNITS OF PROPOSED 150-UNIT PROJECT.
***LENDERS – SEE COMMENTS BELOW Exists
Recorded/
Uploaded No 25.00% Approved 05/07/2019 12/12/2020
LIBERTY AT EAST GARRISON
S013561 012 13201 THOMAS LANE
EAST GARRISON, CA 93933 MONTEREY HRAP PHASE 13 : UNITS 582-589 & 602-607 = 14 UNITS OF PROPOSED 150 UNIT PROJECT. None Recorded/
Uploaded No 25.00% Approved 09/17/2019 12/12/2020

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