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California is the largest mortgage market in the country by dollar volume. Most coastal and Bay Area counties are designated high-balance, with conforming limits of $1,209,750 — meaningfully above the national floor. Median home prices in San Francisco, San Mateo, Santa Clara, and Marin counties remain above $1.5M.
California is a non-recourse state for purchase-money loans on owner-occupied 1-4 unit residential, but cash-out refinances and investment property loans are recourse. Important to understand before pulling equity.
Standards vary by refi type.
Rate-and-term: typically 5%+ equity. Cash-out: 20%+ equity required to pull cash out. FHA streamline: minimal equity requirement.
Conventional refi: 620+. FHA streamline: 580+. VA IRRRL: no minimum (lender-dependent).
Most refinance programs cap DTI around 43-45%. Streamline programs can be more flexible.
Most refis require 6-12 months of payment history on the existing loan, depending on program.
Lending Arena, NMLS #1603937. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act and/or the California Finance Lenders Law. Equal Housing Lender. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. All loans are subject to credit and property approval. Do Not Sell or Share My Personal Information requests can be submitted to privacy@lendingarena.com.