Question 1

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

Accepted Answer

Most lenders require 580 for 3.5% down, though some accept 500-579 with 10% down. Higher scores improve your interest rate. Rates vary by borrower profile and market conditions.

Question 2

Can I use an FHA loan for a multi-family property in La Puente?

Accepted Answer

Yes, FHA allows up to four units if you occupy one as your primary residence. This strategy helps offset your mortgage with rental income from the other units.

Question 3

How much is FHA mortgage insurance on a La Puente home?

Accepted Answer

Upfront insurance is 1.75% of the loan amount, plus annual premiums of 0.55%-0.85% depending on loan term and down payment. These costs apply regardless of which lender you choose.

Question 4

Do all La Puente homes qualify for FHA financing?

Accepted Answer

Properties must meet FHA safety and livability standards. Older homes may require repairs to address issues like roof condition, plumbing, or electrical systems before approval.

Question 5

How does an FHA loan compare to conventional in La Puente?

Accepted Answer

FHA offers lower down payments and easier credit qualifying. Conventional eliminates mortgage insurance at 20% equity but requires higher credit scores and larger down payments upfront.

FHA Loans in La Puente: Accessible Homeownership with Low Down Payments