Question 1

What's the monthly payment on a $750K FHA loan at 5.375%?

Accepted Answer

Principal and interest run $4,200 monthly on a $750K loan. Add property taxes, insurance, and mortgage insurance — total housing payment is roughly $5,200–5,400 depending on the home's assessed value and your insurance quote.

Question 2

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

Accepted Answer

Yes. With 10% or more down, FHA mortgage insurance cancels after 11 years. Below 10% down, MIP stays for the life of the loan. At 3.5% down, you're paying insurance for all 30 years unless you refinance.

Question 3

What credit score do I need for FHA in Piedmont?

Accepted Answer

FHA's floor is 580 FICO, but lenders typically want 620+. At 740+ FICO (like the scenario here), you get the best rates and fastest approval. Below 620, expect tighter scrutiny and possibly higher rates.

Question 4

Can I use FHA to buy a $900K home in Piedmont?

Accepted Answer

Yes — Alameda County's FHA limit is $1,249,125, so $900K is well within range. Your down payment would be roughly $31,500 at 3.5%, and the same lifetime mortgage insurance rules apply.

Question 5

How long does FHA approval take in California?

Accepted Answer

Broker-based FHA loans typically close in 30–40 days. Retail lenders run 40–50 days. Pre-approval happens in 3–5 business days if your income and credit are clean. Appraisals and title work add 10–15 days.

FHA 30-year fixed in Piedmont: 5.375% rate, 3.5% down, lifetime mortgage insurance