Question 1

What credit score do I need for an FHA loan in San Leandro?

Accepted Answer

You need a minimum 580 credit score to qualify for 3.5% down. Scores between 500-579 may qualify with 10% down. Individual lenders may require higher scores based on their overlays.

Question 2

Can I buy a multi-unit property with an FHA loan in San Leandro?

Accepted Answer

Yes, FHA loans allow 2-4 unit properties as long as you occupy one unit as your primary residence. The down payment remains 3.5% for owner-occupied multi-family homes.

Question 3

How much mortgage insurance will I pay on a San Leandro FHA loan?

Accepted Answer

You'll pay 1.75% upfront plus annual premiums of 0.45%-1.05% depending on loan amount, term, and down payment. This insurance protects lenders and enables lower down payments.

Question 4

Are there FHA loan limits in San Leandro?

Accepted Answer

San Leandro follows Alameda County's high-cost area limits, which are higher than standard FHA caps. This accommodates Bay Area pricing while still providing government-backed financing benefits.

Question 5

Can I use FHA financing for a San Leandro condo?

Accepted Answer

Yes, but the condo project must appear on FHA's approved list. Check the HOA's approval status before making an offer to avoid wasted time and inspection costs.

FHA Loans in San Leandro: Affordable Homeownership with 3.5% Down