Question 1

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

Accepted Answer

You need just 3.5% down with a credit score of 580 or higher. Lower scores may require 10% down.

Question 2

Can I use an FHA loan to buy a condo in Culver City?

Accepted Answer

Yes, if the condominium complex is FHA-approved. Your broker can verify approval status before you make an offer.

Question 3

How does my credit score affect my FHA loan rate?

Accepted Answer

Better credit typically secures lower rates. Rates vary by borrower profile and market conditions, so compare multiple lender offers.

Question 4

What are FHA mortgage insurance costs?

Accepted Answer

FHA loans require upfront mortgage insurance and annual premiums. Your broker can calculate exact costs based on your loan amount and terms.

Question 5

Are FHA loans only for first-time buyers in Culver City?

Accepted Answer

No, repeat buyers can also use FHA financing. First-time buyers often benefit most from the low down payment requirements.

FHA Loans in Culver City: Affordable Homeownership with Low Down Payments