Question 1

What credit score do I need for FHA in Maywood?

Accepted Answer

Most lenders require 580 minimum for 3.5% down. Some add overlays requiring 600, but we access lenders who stick to true FHA minimums.

Question 2

Can I use FHA for a duplex in Maywood?

Accepted Answer

Yes, FHA covers 1-4 unit properties if you occupy one unit. The rental income from other units can help you qualify.

Question 3

How much is the down payment on an FHA loan?

Accepted Answer

3.5% with a 580+ credit score. You can use gift funds from family for the entire down payment and closing costs.

Question 4

Does FHA mortgage insurance ever drop off?

Accepted Answer

Only if you put down 10% or more, then it drops after 11 years. With 3.5% down, MI stays for the loan's life.

Question 5

Will sellers in Maywood accept FHA offers?

Accepted Answer

Most will, especially on properties already in good condition. Appraisal repair requirements are less common than sellers fear.

Question 6

Can I refinance out of FHA later to drop MI?

Accepted Answer

Yes, once you hit 20% equity and your credit improves, refinancing to conventional removes monthly mortgage insurance.

FHA Loans in Maywood: Low Down Payment Options for First-Time Buyers