Question 1

What's the FHA loan limit in Lafayette?

Accepted Answer

The 2024 limit for Contra Costa County is $1,149,825 for single-family homes. This covers many Lafayette condos and townhomes, though most detached homes exceed this amount.

Question 2

Can I use FHA to buy a Lafayette condo?

Accepted Answer

Yes, if the condo development is FHA-approved and under the loan limit. We verify approval status before you make an offer to prevent deal-killing surprises.

Question 3

How much is FHA mortgage insurance in Lafayette?

Accepted Answer

You pay 1.75% upfront (can be financed) plus 0.55-0.85% annually depending on loan amount and term. On a $900K loan, that's roughly $4,950-7,650 per year.

Question 4

Will Lafayette sellers accept my FHA offer?

Accepted Answer

Most will if you're pre-approved and the property is well-maintained. FHA appraisals aren't deal-killers on homes in good condition with realistic pricing.

Question 5

What credit score do I need for FHA in Lafayette?

Accepted Answer

Minimum is 580 for 3.5% down, but many lenders want 600-620. We shop lenders with lower overlays if your score is borderline.

Question 6

Can self-employed buyers get FHA in Lafayette?

Accepted Answer

Yes, with two years of tax returns showing stable income. FHA is often easier than conventional for self-employed borrowers with complex returns.

FHA Loans in Lafayette: Low Down Payment Access to Contra Costa County