Question 1

What's the monthly payment on a $750K FHA loan at 5.49%?

Accepted Answer

Principal and interest run $4,254/month on a $750K loan at 5.49% (5.501% APR). Add property taxes, insurance, and mortgage insurance — roughly $5,500-$6,000 total depending on the home's value and your down payment.

Question 2

Do I need 10% down to avoid lifetime mortgage insurance?

Accepted Answer

Yes — 10% down is the threshold. Below 10%, MIP stays for the life of the loan. At 10%+, MIP cancels after 11 years. On a $777K purchase, 10% down is $77,720.

Question 3

Can I get approved with a 620 FICO?

Accepted Answer

Yes — FHA's floor is 580 FICO, but most lenders want 640+. At 620, you'll face tighter scrutiny on debt-to-income and reserves. Your rate might be 0.25-0.5% higher.

Question 4

Is FHA cheaper than conventional in Oakland at this price?

Accepted Answer

At 96.5% LTV, yes. FHA's 5.49% rate beats conventional's typical 5.75-5.9% at the same LTV, and FHA's 0.55% annual MIP is cheaper than conventional's 1.2-1.5% PMI.

Question 5

How long does FHA closing take in Oakland?

Accepted Answer

Typically 30-45 days from application to funding. Appraisals take 7-10 days and are stricter than conventional — the property must meet FHA standards. No major deferred maintenance, no code violations.

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