Question 1

What is the FHA loan limit in Orange County?

Accepted Answer

HUD sets limits annually by county. Orange County's limit is well above the national baseline — enough to buy in Costa Mesa's real market.

Question 2

Can I use FHA to buy a condo in Costa Mesa?

Accepted Answer

Yes, but the condo complex must be FHA-approved. Always check the HUD condo approval list before making an offer.

Question 3

How long does FHA mortgage insurance last?

Accepted Answer

Put less than 10% down and MIP stays for the loan's life. Put 10%+ down and it drops off after 11 years.

Question 4

Can I compete with conventional buyers using FHA?

Accepted Answer

Yes — a strong pre-approval and clean file help. Some sellers hesitate, but an experienced broker's letter carries real weight.

Question 5

What credit score do I need for FHA in Costa Mesa?

Accepted Answer

580 gets you the 3.5% down option. Between 500-579, you'll need 10% down. Below 500, FHA won't work.

Question 6

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

Accepted Answer

For scores under 660, usually yes. Above 700, run both scenarios — conventional MIP rules have improved.

FHA Loans in Costa Mesa, CA