Question 1

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

Accepted Answer

At 5.375% interest, principal and interest run $4,200 monthly. Add property taxes, insurance, and mortgage insurance (roughly $150-180/month), and your total housing payment hits $5,200-5,300. That assumes a $777K purchase with 3.5% down.

Question 2

Can I get FHA with a 600 FICO score?

Accepted Answer

Yes. FHA's floor is 580 FICO, so 600 qualifies. You'll pay a higher rate and larger upfront mortgage insurance premium than a 740 FICO borrower. Expect 0.5-0.75% higher rates at 600 FICO compared to 740.

Question 3

Does FHA mortgage insurance ever go away?

Accepted Answer

Only if you refinance into a conventional loan once you hit 80% LTV (roughly $622K equity on a $777K home). The insurance itself never cancels on FHA loans above 90% down. Refinancing is the only escape.

Question 4

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

Accepted Answer

Minimum 3.5% on purchases up to $541,287. On a $777K purchase, you'd need roughly $27K down. FHA allows down-payment gifts from family, so you don't have to save it all yourself.

Question 5

What's the upfront cost of FHA mortgage insurance?

Accepted Answer

Upfront MIP is 1.75% of the loan amount. On a $750K loan, that's $13,125, typically rolled into the loan balance. You also pay 0.385 discount points ($2,888) to lock this rate, which can be paid upfront or financed.

FHA 30-year fixed loans in Bishop: Lower credit, smaller down payment