Question 1

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

Accepted Answer

At 5.49% on a $750K loan with 3.5% down, principal and interest run $4,254 per month. Add property taxes, insurance, and MIP—total housing payment is typically $5,200-$5,600 depending on your exact property and insurance costs.

Question 2

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

Accepted Answer

No. FHA requires only 3.5% down minimum. Mortgage insurance (MIP) runs for the life of the loan if you put down less than 10%. With 10% or more down, MIP cancels after 11 years.

Question 3

Can I qualify for FHA with a 620 FICO score?

Accepted Answer

Yes. FHA's minimum is 580 FICO. At 620, you qualify, but your rate will be higher than the 740 FICO scenario shown here. Most lenders price 620-639 FICO about 0.5-0.75% above 740 FICO.

Question 4

Is FHA or conventional better for a $750K home in Fremont?

Accepted Answer

FHA wins if your FICO is below 680 or you have less than 5% down. Conventional wins if you can put 5% down and have 680+ FICO—PMI cancels in 8-10 years, saving money long-term. Run both with your lender.

Question 5

How much does the upfront mortgage insurance cost on FHA?

Accepted Answer

Upfront MIP is 1.75% of the loan amount. On a $750K FHA loan, that's $13,125 rolled into your balance. You pay it over 30 years, not upfront.

FHA 30-year fixed in Fremont: 5.49% rate, $4,254/month on a $750K loan