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Martinez sits between Richmond and Concord with better prices than most Contra Costa markets. FHA's 3.5% down opens the door for buyers who can't save 20% in this area.
First-time buyers dominate Martinez FHA deals. The older housing stock means you'll likely face appraisal scrutiny on properties built before 1978.
Martinez attracts commuters working in Oakland or San Francisco. FHA debt ratios up to 50% help borrowers qualify despite Bay Area wages not keeping pace with housing costs.
You need 580 credit for 3.5% down, or 500-579 credit with 10% down. Most Martinez lenders won't touch sub-580 scores despite FHA allowing them.
Two years past bankruptcy or three years past foreclosure. Steady employment matters more than income amount—we close bartenders and teachers with FHA all the time.
Gift funds cover your entire down payment and closing costs. Parents funding purchases happens constantly in Contra Costa County.
Big banks overlay FHA guidelines with stricter rules. Credit unions often cap FHA loan amounts below what you actually need in Martinez.
Wholesale lenders we access approve deals Bank of America rejects. One lender might require 620 credit while another funds at 580.
FHA case numbers get assigned before full underwriting. Some lenders drag out this step for weeks—we route deals to lenders closing in 21 days.
Martinez appraisers flag peeling paint and foundation cracks that conventional appraisers ignore. Budget $2,000-$5,000 for repairs before FHA will close.
Mortgage insurance runs 0.85% annually plus 1.75% upfront. On a $550,000 purchase, that's $4,675 yearly plus $9,625 at closing—know these numbers before making offers.
Sellers sometimes reject FHA offers assuming inspection hassles. We write offers showing our lender closes on time and our buyers qualify clean.
Conventional loans at 3% down cost less monthly if your credit exceeds 720. Below 680 credit, FHA usually wins on rate and total cost.
VA loans beat FHA on every metric if you're a veteran. Zero down, no mortgage insurance, lower rates—don't use FHA if you have VA eligibility.
Jumbo loans take over above $832,750 in Contra Costa. FHA caps out there, so expensive Martinez properties require conventional or jumbo financing.
Downtown Martinez condos need FHA approval status. Half the condo complexes here aren't FHA-approved, which kills deals before they start.
Historic homes around the plaza require extra appraisal documentation. FHA won't finance properties with knob-and-tube wiring or active foundation issues.
Martinez prices run lower than Walnut Creek or Pleasant Hill. FHA works well here since most single-family homes fall comfortably under loan limits.
You need 580 minimum for 3.5% down. Some Martinez lenders require 600-620 despite FHA allowing 580—we find lenders who actually fund at 580.
Only if the complex is FHA-approved. Many Martinez condos aren't approved—check before making offers or you'll waste inspection money.
Expect 2-3% of purchase price. On $500,000 that's $10,000-$15,000, but sellers can credit up to 6% toward your costs.
Not for major renovation projects. FHA requires properties habitable at closing—use FHA 203k rehab loans for houses needing substantial work.
$832,750 for single-family homes in 2024. Most Martinez properties fall under this, but waterfront or hilltop homes may exceed limits.
Plan 30-45 days from accepted offer to closing. Appraisal repairs add 1-3 weeks if the appraiser flags property issues.
FHA Loans in Martinez