Question 1

What's the monthly payment on a $777K FHA loan in Madera?

Accepted Answer

Principal and interest run $4,200 monthly at 5.375%. Add property taxes, insurance, and mortgage insurance (roughly $1,200-1,400 combined) for a total payment around $5,400-5,600.

Question 2

Do I need 20% down to avoid mortgage insurance on FHA?

Accepted Answer

No. FHA requires only 3.5% down minimum. Mortgage insurance (MIP) is mandatory and runs for the life of the loan if you put down less than 10%. With 10%+ down, MIP cancels after 11 years.

Question 3

Can I get approved for FHA with a 600 FICO score?

Accepted Answer

Yes. FHA's floor is 580 FICO, so 600 qualifies. Lenders price better at 640+, and approval is easier with a co-borrower or compensating factors (large savings, low debt). At 600, expect a slightly higher rate than the 740 scenario shown here.

Question 4

How much down payment do I need for FHA in Madera?

Accepted Answer

Minimum 3.5% of the purchase price. On a $777K home, that's $27,202. You can gift the down payment from family — lenders allow it. Closing costs (2-5% of loan amount) must come from your pocket or be rolled into the loan if the seller credits them.

Question 5

When does FHA mortgage insurance cancel?

Accepted Answer

If you put down 10% or more, MIP cancels after 11 years of on-time payments. If you put down less than 10%, MIP never cancels — you must refinance into conventional at 80% LTV to remove it.

FHA Loans in Madera: 3.5% Down, 740 FICO, $4,200/Month on $777K