Question 1

What's the minimum credit score for an FHA loan in Calexico?

Accepted Answer

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.

Question 2

How much do I need to put down for an FHA loan here?

Accepted Answer

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.

Question 3

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

Accepted Answer

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.

Question 4

Does FHA mortgage insurance ever go away?

Accepted Answer

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.

Question 5

Can I get an FHA loan with $56K household income?

Accepted Answer

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.

FHA 30-Year Fixed Mortgages in Calexico: Low Down Payment, Fixed Rate