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Gardena's median home price sits near $777,000, putting most buyers in the FHA sweet spot. At 5.875%, a $750,000 loan carries a $4,437 monthly payment for principal and interest alone.
FHA's 3.5% down requirement means you're financing the bulk of the purchase. That opens the door for buyers with modest savings and credit scores above 580.
5.875%
Interest Rate
$4,437
Monthly P&I
580
Min FICO
3.5% minimum
Down Payment
$750,000
Loan Amount
FHA Loans in Gardena
FHA requires a 580 FICO minimum, though lenders often prefer 620+. At 740 FICO, you're well above the floor and qualify for better pricing.
Los Angeles County's median household income of $87,760 supports a $750,000 purchase comfortably. Debt-to-income limits typically run 43% to 50%, depending on the lender.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Gardena.
Gardena's median home price sits near $777,000, putting most buyers in the FHA sweet spot. At 5.875%, a $750,000 loan carries a $4,437 monthly payment for principal and interest alone.
FHA's 3.5% down requirement means you're financing the bulk of the purchase. That opens the door for buyers with modest savings and credit scores above 580.
FHA requires a 580 FICO minimum, though lenders often prefer 620+. At 740 FICO, you're well above the floor and qualify for better pricing.
FHA loans move through broker and retail channels alike in California. Most lenders price aggressively on FHA because the government guarantee reduces risk.
Underwriting timelines typically run 30 to 45 days. Appraisals are mandatory and must meet FHA property standards — no deferred maintenance, no major code violations.
FHA makes sense in Gardena when you have limited down-payment savings but solid credit. The 3.5% down keeps cash in your pocket versus conventional's 5% to 10%.
Above $750,000, FHA's lifetime mortgage insurance starts to sting. Conventional with 10% down often beats FHA on total cost over 10 years at that price point.
Conventional loans typically start 0.25% to 0.5% higher than FHA but skip mortgage insurance at 20% down. If you have the cash, conventional pencils better over 15 years.
FHA's advantage is the 3.5% down. Conventional buyers usually need 5% to 10% at closing, which is a meaningful gap for first-time buyers in Gardena's market.
Gardena's location near the South Bay employment centers keeps demand steady. Proximity to LAX and the harbor district supports long-term job stability for buyers.
Schools in the Gardena Unified district rank solidly for the LA area. That stability attracts families and keeps resale value predictable.
At 5.875% APR, the principal and interest payment is $4,437 per month. Add property taxes, insurance, and mortgage insurance — total housing cost typically runs $5,500 to $6,000 monthly.
No. FHA requires only 3.5% down. Mortgage insurance (MIP) applies for the life of the loan if your down payment is under 10%. At 10% or more down, MIP cancels after 11 years.
Yes. FHA's minimum is 580 FICO, though most lenders prefer 620 or higher. At 620, you'll qualify but may see a slightly higher rate than a 740 FICO borrower.
Typically 30 to 45 days from application to funding. FHA appraisals are mandatory and can add 7 to 10 days if the property needs repairs or inspections.
FHA wins if you have limited savings — 3.5% down versus 5% to 10% conventional. Conventional wins on total cost if you can put 20% down and avoid mortgage insurance entirely.