Question 1

What's the monthly payment on a $750K FHA loan in Emeryville?

Accepted Answer

At 5.49% on a $750K loan with 3.5% down ($27,202), the principal and interest run $4,254 monthly. Add property tax, insurance, and mortgage insurance — expect $5,200+ total. This assumes a 740 FICO, 30-day lock, April 18, 2026 pricing.

Question 2

Do I need 20% down to avoid mortgage insurance on FHA?

Accepted Answer

No. FHA requires only 3.5% down. But mortgage insurance (MIP) runs for the life of the loan if you put down less than 10%. At 10% down or more, MIP cancels after 11 years. That's the key difference — FHA doesn't eliminate insurance, it defers it.

Question 3

Can I qualify for FHA with a 600 credit score?

Accepted Answer

FHA's floor is 580, but most lenders require 620 or higher in practice. At 600, you'll face limited options and possibly a rate bump. A 740 FICO like the scenario here qualifies easily and gets the best pricing available.

Question 4

How much does the upfront mortgage insurance cost?

Accepted Answer

FHA's upfront MIP is 1.75% of the loan amount. On a $750K loan, that's $13,125. It's rolled into your loan balance, so you pay it over 30 years with interest — not due at closing.

Question 5

Is FHA or conventional better for a $777K purchase in Emeryville?

Accepted Answer

FHA wins if you have 3.5% to 10% down. Conventional requires 20% down ($155K) to avoid PMI. If you can't save that much, FHA gets you in now. If you have 10%+ down, run the math — conventional PMI cancels faster than FHA's lifetime insurance.

FHA loans in Emeryville: 3.5% down, 5.49% rate, $4,254/month on $750K