Question 1

Can I use FHA for a $2 million Beverly Hills home?

Accepted Answer

No. FHA loans cap at $1,249,125 in Los Angeles County. You need conventional or jumbo financing above that limit.

Question 2

Does FHA mortgage insurance ever drop off?

Accepted Answer

Not unless you refinance to conventional. FHA charges monthly MI for the life of the loan regardless of equity.

Question 3

What credit score do I need for conventional in Beverly Hills?

Accepted Answer

Minimum 620, but 700+ gets you the best rates. Most competitive offers require 720+ for jumbo amounts.

Question 4

Which loan type has lower down payment requirements?

Accepted Answer

FHA requires just 3.5% down. Conventional starts at 3% but most Beverly Hills deals use 10-25% down.

Question 5

How much is FHA upfront mortgage insurance?

Accepted Answer

1.75% of the loan amount, added to your balance. On $1M borrowed, that's $17,500 rolled into the loan.

Conventional vs FHA Loans in Beverly Hills: Which Fits Your $2M+ Budget?