Question 1

What's the monthly payment on a $750K FHA loan in Imperial?

Accepted Answer

Principal and interest run $4,200 monthly at 5.375% on a $750K loan with 3.5% down. That's the rate as of April 8, 2026. Add property taxes, insurance, and FHA mortgage insurance (included in the rate quote) to get your full payment.

Question 2

Do I need 20% down to avoid mortgage insurance on FHA?

Accepted Answer

No. FHA mortgage insurance (MIP) runs for the life of the loan if you put down less than 10%. With 10% down, MIP cancels after 11 years. FHA has no "20% down" escape hatch like conventional loans do.

Question 3

Can I qualify for FHA with a 600 FICO score?

Accepted Answer

Yes. FHA's floor is 580 FICO. At 600, you qualify easily. You'll need 3.5% down and a debt-to-income ratio under 50% on the back end. Lenders may charge 0.5-1% more in rate for FICO below 620, but you're approved.

Question 4

How much down payment do I need for FHA in Imperial?

Accepted Answer

Minimum 3.5% of the purchase price. On a $777K home, that's $27,202. You can gift the down payment from family—FHA allows it. You cannot borrow it.

Question 5

Is FHA cheaper than conventional in Imperial?

Accepted Answer

Below 660 FICO or with less than 5% down, FHA is cheaper upfront. Above 660 FICO and 5% down, conventional saves money long-term because PMI cancels at 78% LTV. FHA MIP never cancels.

FHA Loans in Imperial: 3.5% Down, 740+ FICO, $750K Purchase