Question 1

What credit score do I need for an FHA loan in San Gabriel?

Accepted Answer

You need 580 minimum for 3.5% down. Some lenders add overlays requiring 620, but we access lenders who follow true FHA guidelines at 580.

Question 2

Can I use FHA for a condo in San Gabriel?

Accepted Answer

Yes, but the condo complex needs FHA approval or spot approval. We verify status before you make an offer to avoid delays.

Question 3

How much is FHA mortgage insurance in LA County?

Accepted Answer

1.75% upfront plus 0.55%-0.85% annually. On a $700K loan, expect $300-$600 monthly for annual MIP depending on your down payment and loan term.

Question 4

What's the FHA loan limit for San Gabriel?

Accepted Answer

LA County's FHA limit is $1,149,825 for single-family homes. Four-unit properties have higher limits if you occupy one unit.

Question 5

Can I get an FHA loan with a recent bankruptcy?

Accepted Answer

Yes, two years after bankruptcy discharge with re-established credit. Conventional loans typically require four years minimum.

Question 6

Does FHA allow gift funds for down payment?

Accepted Answer

Yes, 100% of your down payment can come from family gift funds. Donors must provide a gift letter and proof of transfer.

FHA Loans in San Gabriel: Low Down Payment Options for LA County Buyers