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FHA Loans in Santa Monica
What's the monthly payment on an FHA loan in Santa Monica?
On a $777,202 purchase with $750,000 FHA loan at 5.875%, your principal and interest payment is $4,437 monthly. That's before property taxes, insurance, and mortgage insurance.
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Santa Monica's median home price is $1,698,037. At 5.875% interest, a $750,000 FHA loan carries $4,437 monthly for principal and interest.
Homes stay on market roughly 50 days with 285 active listings. FHA financing opens doors for buyers without 20% saved.
5.875%
Interest Rate
$4,437
Monthly P&I
580
Minimum Credit Score
96.5%
Maximum LTV
$1,698,037
Median Home Price
17-21 days
Closing Timeline
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FHA requires a minimum 580 representative credit score for a primary residence. You need a maximum 96.5 percent loan-to-value ratio, which means 3.5 percent down.
Your housing debt-to-income ratio caps at 31 percent. Your total debt-to-income ratio caps at 43 percent for a primary residence.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Santa Monica.
Santa Monica's median home price is $1,698,037. At 5.875% interest, a $750,000 FHA loan carries $4,437 monthly for principal and interest.
Homes stay on market roughly 50 days with 285 active listings. FHA financing opens doors for buyers without 20% saved.
FHA requires a minimum 580 representative credit score for a primary residence. You need a maximum 96.5 percent loan-to-value ratio, which means 3.5 percent down.
Rate check
Tell us the price range, down payment and credit range you are working with. We compare every lender we work with and show you the options side by side.
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FHA loans are written by retail banks and mortgage brokers. SRK CAPITAL shops the loan across wholesale lender partners to find the best rate and terms.
SRK CAPITAL closes FHA loans in 17 to 21 days standard. Expedited closing takes 10 days when the file qualifies.
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FHA makes sense in Santa Monica when you have solid income but limited savings. The 3.5 percent down requirement opens the market to buyers who'd struggle to save 20 percent.
The trade-off is lifetime mortgage insurance below 10 percent down. Refinancing to conventional once you build equity becomes the escape route.
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Conventional loans often ask for more down and a higher credit score, though terms vary by lender and file. FHA's 3.5 percent down and 580 minimum score are the clearest advantages here.
FHA rates can run lower for some borrowers, but the lifetime insurance on smaller down payments narrows any savings. For Santa Monica buyers with limited cash but strong income, FHA is worth a look.
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LA County placed LAUSD under heightened fiscal oversight. For Santa Monica families buying into the school system, that signals potential changes to school funding.
The Paramount-Skydance merger could affect roughly 2,495 local jobs. Job stability matters when lenders evaluate your income.
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Santa Monica's FHA market reflects coastal California pricing: 285 active listings and a median price of $1,698,037. Homes stay on market roughly 50 days, meaning buyers need pre-approval.
FHA lending in Los Angeles County remains steady because the program's lower thresholds serve a real need. With the county's median household income at $87,760, many Santa Monica buyers rely on FHA's 3.5 percent down.
FAQ
On a $777,202 purchase with $750,000 FHA loan at 5.875%, your principal and interest payment is $4,437 monthly. That's before property taxes, insurance, and mortgage insurance.
No. FHA requires a minimum 580 representative credit score for a primary residence. Lenders look at your full credit history, not just the score.
No. FHA's maximum loan-to-value ratio is 96.5 percent for a primary residence, which equals 3.5 percent down. That's the floor.
Yes, but only if you put down 10 percent or more. At that threshold, mortgage insurance cancels after 11 years.
Your housing debt-to-income ratio caps at 31 percent for a primary residence. Your total debt-to-income ratio caps at 43 percent.
Programs for first-time buyers that allow lower down payments and more forgiving credit and income rules.
Explore refinancing options to lower your rate, tap equity, or switch loan terms.
SRK CAPITAL in Los Angeles County
Our team of licensed mortgage brokers works Los Angeles County every week. Tell us where you are in the process and we will map out the loan, the timeline and the money you need at closing, with no obligation.
What working with us looks like
Licensed mortgage brokers
You talk with a broker, not a call center, from the first question to closing day.
17-21 day typical close
Most purchase loans close in 17-21 days once your paperwork is in.
Every county in California
We work across the state, including Los Angeles County, so local limits and rules are already familiar.
Financing solutions for rental properties, fix-and-flip projects, and real estate portfolios.
Mortgage programs with alternative income documentation for business owners and freelancers.
Federally insured or guaranteed programs (FHA, VA, USDA) that let lenders accept lower credit scores and smaller down payments.
Traditional mortgage options meeting standard lending guidelines with various term structures.
Alternative lending programs for borrowers who need flexible documentation or unique loan structures.
Side-by-side comparisons to help you choose the right mortgage program.
This page is for educational purposes only and does not constitute financial, legal, or tax advice. Mortgage rates, terms, and program availability can change and vary by borrower and property. Consult a licensed mortgage professional for guidance on your scenario.