Question 1

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

Accepted Answer

Principal and interest run $4,200 monthly. Add property taxes, insurance, and mortgage insurance—total PITI is typically $5,100-$5,400. This assumes the $750K loan on a $777K purchase with 3.5% down, 740 FICO, 30-day lock.

Question 2

Do I have to carry mortgage insurance forever on an FHA loan?

Accepted Answer

No. If you put down 10% or more, MIP cancels after 11 years. Below 10% down, MIP stays for the life of the loan unless you refinance to conventional. At 3.5% down, you're looking at lifetime MIP.

Question 3

Can I get an FHA loan with a 620 FICO in Pleasanton?

Accepted Answer

Technically FHA allows 580 FICO, but most lenders require 640+. At 620, you'll face tighter overlays, higher rates, and fewer lender options. Waiting 6-12 months to build to 680+ opens up better pricing and more lenders.

Question 4

Is FHA cheaper than conventional at 5% down in Pleasanton?

Accepted Answer

Yes. FHA at 5% down runs lower rate and lower PMI than conventional. At $777K, FHA saves roughly $150-200 monthly compared to conventional 5% down. The gap closes if you can reach 20% down—then conventional has no insurance.

Question 5

How long does FHA underwriting take in California?

Accepted Answer

Typically 30-45 days from application to clear-to-close. FHA appraisals take 10-14 days and must meet HUD property standards. If the appraisal flags issues, repairs can add 2-4 weeks. Plan for 45-60 days total.

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