Question 1

What down payment do I need for an FHA loan in Cudahy?

Accepted Answer

You need just 3.5% down with a credit score of 580 or higher. If your score is between 500-579, you'll need 10% down to qualify for FHA financing.

Question 2

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

Accepted Answer

Yes, but the condo complex must be on the FHA-approved list. Your mortgage broker can verify if a specific Cudahy condo project qualifies for FHA financing.

Question 3

Do FHA loans have mortgage insurance in Cudahy?

Accepted Answer

Yes, all FHA loans require both upfront mortgage insurance and monthly premiums. The upfront premium is 1.75% of the loan amount, typically rolled into your mortgage.

Question 4

How long does FHA loan approval take in Los Angeles County?

Accepted Answer

Most FHA loans close within 30-45 days. Timeline varies based on documentation completeness, appraisal scheduling, and lender processing speed in the Cudahy area.

Question 5

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

Accepted Answer

The FHA minimum is 500, but most lenders require at least 580 for the 3.5% down program. Some Cudahy lenders may have higher credit score requirements.

FHA Loans in Cudahy: Your Path to Homeownership in Los Angeles County