Question 1

What's the monthly payment on a $750K FHA loan at 5.49%?

Accepted Answer

Principal and interest run $4,254/month. Add property taxes (~$300), insurance (~$150), and mortgage insurance (~$250) for a total around $4,954. This assumes the $777K purchase price and 96.5% LTV scenario from April 21, 2026.

Question 2

Can I get rid of FHA mortgage insurance?

Accepted Answer

No—at 96.5% LTV, mortgage insurance runs for the life of the loan. Your only exit is refinancing to conventional once you hit 80% LTV through appreciation or extra payments. That typically takes 7–10 years in Dana Point.

Question 3

Do I need 20% down to qualify for FHA?

Accepted Answer

No. FHA requires only 3.5% down with a 580+ FICO score. You'd put $27,202 down on a $777K purchase. Conventional requires 5% minimum, and jumbo typically wants 20%.

Question 4

What credit score do I need for FHA in Dana Point?

Accepted Answer

The FHA minimum is 580 FICO. Most lenders layer overlays requiring 620+. At 740 FICO, you're well above both thresholds and qualify for the best available rate.

Question 5

How long does FHA closing take in Orange County?

Accepted Answer

Expect 45–60 days with a retail lender, 35–45 days with a broker. Full appraisal and employment verification are required. A 30-day rate lock is standard.

FHA 30-year fixed in Dana Point: 5.49% rate, $4,254/month on $750K