Question 1

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

Accepted Answer

You can qualify with a 580 credit score for 3.5% down payment. Scores between 500-579 require 10% down. Higher scores typically secure better rates.

Question 2

How much down payment is required for Commerce FHA loans?

Accepted Answer

FHA loans require just 3.5% down with a 580+ credit score. This makes homeownership more accessible than conventional loans requiring 5-20% down.

Question 3

Can I buy a condo in Commerce with an FHA loan?

Accepted Answer

Yes, if the condo complex is FHA-approved. Your lender verifies the building meets FHA standards before approving your loan.

Question 4

What are FHA loan limits in Los Angeles County?

Accepted Answer

Los Angeles County has higher FHA limits due to property values. Your broker can confirm current limits and whether your target home qualifies.

Question 5

Does FHA require mortgage insurance in Commerce?

Accepted Answer

Yes, FHA requires upfront and annual mortgage insurance premiums. These protect lenders and enable the low down payment feature that makes FHA accessible.

FHA Loans in Commerce, CA: Affordable Path to Homeownership in Los Angeles County