Question 1

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

Accepted Answer

You need at least 580 for a 3.5% down payment, or 500-579 with 10% down. Many lenders prefer 620 or higher due to their own requirements beyond basic FHA minimums.

Question 2

Can I use FHA financing for a fixer-upper in Greenfield?

Accepted Answer

Standard FHA loans require properties to meet safety standards at closing. FHA 203(k) renovation loans let you finance both purchase and repairs in one mortgage.

Question 3

How much are FHA mortgage insurance premiums?

Accepted Answer

You pay 1.75% upfront at closing plus annual premiums of 0.55% to 1.05% depending on loan amount and down payment, divided into monthly payments.

Question 4

Can agricultural workers qualify for FHA loans?

Accepted Answer

Yes, seasonal and agricultural income qualifies when documented properly. Lenders average income over two years to account for seasonal variations in earnings.

Question 5

Do FHA loans require mortgage insurance forever?

Accepted Answer

If you put down less than 10%, mortgage insurance lasts the loan's life. With 10% or more down, it drops after 11 years of payments.

FHA Loans in Greenfield: Affordable Homeownership in Monterey County's Agricultural Heart