Question 1

Can I use FHA to buy a home in Soledad with bad credit?

Accepted Answer

Yes, if your score is 500 or above. Under 580 means 10% down instead of 3.5%.

Question 2

Does FHA work for self-employed borrowers in Monterey County?

Accepted Answer

Yes, but you need two years of tax returns showing stable income. FHA uses net income after deductions.

Question 3

What's the FHA loan limit for Monterey County?

Accepted Answer

Limits adjust annually. Check the current HUD limit before locking a purchase price — it caps your max loan.

Question 4

Can sellers pay my closing costs on an FHA loan?

Accepted Answer

Yes. Sellers can contribute up to 6% of the purchase price toward your closing costs and prepaid items.

Question 5

How long does FHA mortgage insurance last?

Accepted Answer

With less than 10% down, MIP lasts the full loan term. Put 10% or more down and it drops off after 11 years.

Question 6

Is FHA a good fit for Soledad's agricultural workers?

Accepted Answer

Often yes. FHA allows seasonal income if it's documented and consistent over a two-year history.

FHA Loans in Soledad, CA — Low Down, Real Approval Path