Question 1

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

Accepted Answer

You need a minimum credit score of 580 for 3.5% down. Scores between 500-579 require 10% down. Rates vary by borrower profile and market conditions.

Question 2

How much down payment is required for Duarte FHA loans?

Accepted Answer

FHA loans require just 3.5% down with a 580 credit score. This makes homeownership more accessible compared to conventional loans requiring higher down payments.

Question 3

Can I use an FHA loan for any home in Duarte?

Accepted Answer

The property must meet FHA standards and fall within county loan limits. Single-family homes, condos, and multi-units up to four units may qualify if they pass inspection.

Question 4

What are the mortgage insurance costs on Duarte FHA loans?

Accepted Answer

You'll pay 1.75% upfront mortgage insurance plus annual premiums. Annual costs depend on loan amount and down payment, typically lasting the loan's life.

Question 5

How do FHA loans compare to conventional loans in Duarte?

Accepted Answer

FHA loans offer lower down payments and easier credit qualifying. Conventional loans become cheaper long-term with 20% down but require stronger credit profiles.

FHA Loans in Duarte: Your Path to Affordable Homeownership in Los Angeles County