Question 1

What is the minimum down payment for an FHA loan in Baldwin Park?

Accepted Answer

The minimum down payment is 3.5% with a credit score of 580 or higher. Borrowers with scores between 500-579 need 10% down.

Question 2

Can I use an FHA loan to buy a condo in Baldwin Park?

Accepted Answer

Yes, but the condo complex must be FHA-approved. Your mortgage broker can verify approval status before you make an offer.

Question 3

How does FHA mortgage insurance work?

Accepted Answer

FHA loans require upfront and annual mortgage insurance premiums. The upfront premium is typically financed into your loan amount.

Question 4

What credit score do I need for an FHA loan in Baldwin Park?

Accepted Answer

Most lenders prefer a 580 credit score for 3.5% down payment loans. Some approved lenders accept scores as low as 500 with 10% down.

Question 5

Are FHA loans only for first-time homebuyers?

Accepted Answer

No, FHA loans are available to all qualified borrowers regardless of previous homeownership. You can use FHA financing multiple times throughout your life.

FHA Loans in Baldwin Park: Your Path to Affordable Homeownership in Los Angeles County