Question 1

What is the FHA loan limit in Monterey County?

Accepted Answer

HUD sets Monterey County FHA limits annually. Confirm the current figure with us before you start shopping — limits affect your maximum purchase price.

Question 2

Can I use FHA to buy a Victorian home in Pacific Grove?

Accepted Answer

Yes, but older homes must meet FHA's minimum property standards. Deferred maintenance or safety issues require repairs before the loan closes.

Question 3

Will sellers in Pacific Grove accept FHA offers?

Accepted Answer

Some sellers avoid FHA due to appraisal conditions. A strong pre-approval letter and clean offer terms help offset that concern.

Question 4

How long does FHA mortgage insurance last?

Accepted Answer

On most FHA loans with less than 10% down, MIP lasts the full loan term. Putting 10% or more down reduces it to 11 years.

Question 5

Is FHA better than conventional for first-time buyers here?

Accepted Answer

FHA wins on credit flexibility and down payment minimums. Conventional may cost less long-term if you can qualify and plan to build equity fast.

Question 6

Can I buy a vacation property in Pacific Grove with FHA?

Accepted Answer

No. FHA requires the home to be your primary residence. Vacation or investment properties don't qualify for FHA financing.

FHA Loans in Pacific Grove, CA — Low Down, Real Approval