Question 1

What's the maximum FHA loan amount in Monterey Park?

Accepted Answer

$1,149,825 for a single-family home in 2024. Los Angeles County qualifies as a high-cost area, so the limit exceeds the national baseline of $498,257.

Question 2

Can I use FHA to buy a condo in Monterey Park?

Accepted Answer

Only if the complex appears on HUD's approved list. About 40% of condos in the area lack approval, which disqualifies them from FHA financing.

Question 3

How much is FHA mortgage insurance?

Accepted Answer

1.75% upfront plus 0.55% annually for loans over 95% LTV. On a $700,000 loan, expect $320 monthly on top of principal and interest.

Question 4

Does FHA accept gift funds for the down payment?

Accepted Answer

Yes. Family members can gift 100% of the down payment and closing costs. You need a signed gift letter stating no repayment is expected.

Question 5

What credit score do I need for FHA in Monterey Park?

Accepted Answer

580 minimum for 3.5% down. Some lenders require 600+, but we access lenders who approve at 580 with solid income documentation.

Question 6

How long does FHA approval take in Los Angeles County?

Accepted Answer

30-45 days on average. Appraisal backlogs and repair requirements add time, especially on older properties near Garvey Avenue.

FHA Loans in Monterey Park: 3.5% Down on Homes Up to $1,149,825