Question 1

Can I use an FHA loan for a horse property in La Habra Heights?

Accepted Answer

Yes, FHA loans can finance properties with equestrian facilities as long as the property serves as your primary residence and meets FHA safety standards. The appraiser must find comparable sales with similar features.

Question 2

How much do I need for a down payment on an FHA loan?

Accepted Answer

You need just 3.5% down with a credit score of 580 or higher. A score between 500-579 requires 10% down. The entire down payment can come from gift funds from family members.

Question 3

Does FHA mortgage insurance ever go away?

Accepted Answer

Only if you put down 10% or more at purchase does FHA insurance drop off after 11 years. With less than 10% down, mortgage insurance remains for the entire loan term.

Question 4

What credit score do I need for FHA financing in Los Angeles County?

Accepted Answer

The FHA minimum is 580 for 3.5% down, but many lenders require 620 or higher. Some lenders accept 580, though you'll need strong compensating factors like low debt ratios and stable employment.

Question 5

Can I buy a fixer-upper with an FHA loan?

Accepted Answer

Standard FHA loans require properties to meet minimum safety standards at purchase. Consider the FHA 203(k) renovation loan program if the home needs significant repairs before it's habitable.

FHA Loans in La Habra Heights: Accessible Home Financing for Los Angeles County