Question 1

What is the FHA loan limit in Diamond Bar?

Accepted Answer

Los Angeles County FHA loan limits follow high-cost area guidelines. The limit for single-family homes adjusts annually based on housing prices. Check current limits as they change each year.

Question 2

Can I buy a condo in Diamond Bar with an FHA loan?

Accepted Answer

Yes, but the condo complex must be FHA-approved. Your lender will verify the property is on the approved list. Many Diamond Bar condos qualify under FHA guidelines.

Question 3

How long does FHA approval take in Diamond Bar?

Accepted Answer

Typical FHA loans close in 30 to 45 days from application to funding. Timeline depends on appraisal scheduling and documentation completeness. Working with an experienced broker can expedite the process.

Question 4

Do I need perfect credit for an FHA loan?

Accepted Answer

No, FHA accepts credit scores as low as 500 with 10% down. Scores of 580 or higher qualify for 3.5% down. Recent bankruptcies or foreclosures may be acceptable with waiting periods.

Question 5

Can self-employed buyers get FHA loans in Diamond Bar?

Accepted Answer

Yes, self-employed borrowers qualify with two years of tax returns and stable income documentation. Business owners may need additional paperwork. FHA guidelines accommodate various income types beyond W-2 wages.

FHA Loans in Diamond Bar: Your Path to Homeownership with Flexible Financing