Question 1

What is the FHA loan limit for Monterey County?

Accepted Answer

FHA loan limits are set by county and updated annually. Check HUD's current limits for Monterey County before you start shopping.

Question 2

Can I use FHA to buy a condo in Del Rey Oaks?

Accepted Answer

Only FHA-approved condo projects qualify. The condo association must be on HUD's approved list — confirm before making an offer.

Question 3

How long does FHA mortgage insurance last?

Accepted Answer

Put down less than 10% and you pay MIP for the life of the loan. Put 10% or more down and MIP drops off after 11 years.

Question 4

Does FHA work for self-employed buyers in Del Rey Oaks?

Accepted Answer

Yes, but lenders want two years of tax returns showing stable income. A single good year usually isn't enough on its own.

Question 5

Can I use gift funds for my FHA down payment?

Accepted Answer

Yes. FHA allows 100% of the down payment to come from a documented gift. The donor must sign a gift letter — no repayment allowed.

Question 6

Why might a seller reject my FHA offer in Del Rey Oaks?

Accepted Answer

Sellers sometimes worry FHA appraisals will require repairs. A solid pre-approval and a clean offer help ease that concern.

FHA Loans in Del Rey Oaks, CA — Low Down, Real Path to Ownership