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Calexico sits in Imperial County where the median household income is $56,393. At that income level, a $777K purchase with 3.5% down and an FHA loan pencils out to roughly $4,200 monthly for principal and interest alone.
FHA loans here carry a 5.375% rate with 0.385 discount points ($2,888 upfront). The 96.5% LTV means mortgage insurance runs for the life of the loan. That's the tradeoff: low down payment, lifetime MIP.
5.375%
Interest Rate
$4,200
Monthly P&I
580
Min FICO
3.5%
Min Down Payment
$56,393
County Median Income
FHA Loans in Calexico
FHA loans in Calexico start at 580 FICO and 3.5% down. This scenario shows 740 FICO with $27,202 down (3.5% of purchase price). You can go lower on credit if compensating factors exist—stable employment, reserves, co-borrower income.
Debt-to-income limits run 43-50% depending on compensating factors. At $56,393 county median income, a household earning $90K combined can comfortably carry a $750K FHA loan.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Calexico.
Calexico sits in Imperial County where the median household income is $56,393. At that income level, a $777K purchase with 3.5% down and an FHA loan pencils out to roughly $4,200 monthly for principal and interest alone.
FHA loans here carry a 5.375% rate with 0.385 discount points ($2,888 upfront). The 96.5% LTV means mortgage insurance runs for the life of the loan. That's the tradeoff: low down payment, lifetime MIP.
FHA loans in Calexico start at 580 FICO and 3.5% down. This scenario shows 740 FICO with $27,202 down (3.5% of purchase price). You can go lower on credit if compensating factors exist—stable employment, reserves, co-borrower income.
FHA loans in California are offered by both retail banks and mortgage brokers. Retail lenders (Wells Fargo, Chase, Bank of America) have their own underwriting.
FHA guidelines are federal, so credit and down-payment rules are the same everywhere. What varies is lender overlays—some require 620 FICO instead of 580, or demand 6 months reserves instead of 2.
FHA makes sense in Calexico when you have 580+ FICO but can't save 20% down. At $56,393 county median income, most first-time buyers here fall into that bucket. The 5.375% rate is competitive.
FHA doesn't pencil when you can scrape together 10% down and hit 620+ FICO. Conventional at 10% down costs less over time because PMI cancels at 78% LTV. But if you're 3-5 years from that 10%, FHA gets you into the home now and building equity.
Conventional loans at 10% down require 620+ FICO and carry PMI that cancels at 78% LTV (roughly 5-7 years). FHA starts at 580 FICO with 3.5% down but MIP never cancels unless you refinance.
VA loans beat both if you're eligible—zero down, no PMI, no funding fee if you're 10%+ disabled. But VA is only for veterans and active duty. For a civilian buyer in Calexico with 580 FICO and $27K saved, FHA is the only realistic path to a $777K home.
Calexico is a border city with strong ties to Mexico and a growing workforce in agriculture, retail, and services. The county's median household income of $56,393 reflects that mix.
The Imperial Valley is experiencing steady population growth and infrastructure investment. Schools, roads, and commercial development are expanding.
580 FICO is the federal floor for FHA. Some lenders overlay at 620. This scenario uses 740 FICO. If you're between 580-619, call—compensating factors (stable job, reserves, co-borrower income) can get you approved.
3.5% minimum. On a $777K purchase, that's $27,202. You can put more down (5%, 10%) to lower your LTV and reduce mortgage insurance, but 3.5% is the floor. Closing costs are separate—budget another 2-5% of purchase price.
Principal and interest run $4,200 monthly on a $750K loan at 5.375% (as of April 8, 2026, 740 FICO, 96.5% LTV). Add mortgage insurance (~$500-600/month), property taxes, and homeowners insurance. Total housing payment typically runs $5,500-6,000.
No—not unless you refinance. MIP runs for the life of the loan when you put down less than 10%. If you later refinance to conventional at 80% LTV, you can drop the MIP. That's typically 5-7 years out if home values rise.
Yes. The county median is $56,393. At that income, dual-earner households can qualify for a $750K FHA loan if debt-to-income stays under 43-50%. Lenders look at gross income, not net. Stable employment matters more than the exact number.