Question 1

What's the monthly payment on a $750K FHA loan at today's rate?

Accepted Answer

Principal and interest run $4,254/month at 5.49% on a $750K loan. Add property taxes, insurance, and FHA mortgage insurance—expect $5,200-5,600 total. The exact amount depends on your property tax rate and insurance quotes.

Question 2

Can I get an FHA loan with a 580 FICO score?

Accepted Answer

Yes. FHA's minimum is 580 FICO, but you'll qualify more easily at 620+. At 580-619, expect tighter scrutiny on debt-to-income and reserves. Most lenders prefer 640+ for smooth underwriting.

Question 3

Does FHA mortgage insurance ever go away?

Accepted Answer

No—not at 96.5% LTV. If you put down 10% or more (90% LTV), MIP cancels after 11 years. Below 10% down, it runs for the life of the loan unless you refinance into conventional later.

Question 4

How much do I need to put down for an FHA loan?

Accepted Answer

Minimum 3.5% of the purchase price. On a $777K home, that's $27,202. You'll also need 2-3 months of reserves in the bank after closing to satisfy lender requirements at this loan amount.

Question 5

Is FHA or conventional better for a $750K purchase in La Habra?

Accepted Answer

FHA wins if you have less than $35K down or FICO below 680. Conventional wins if you're putting 20% down and have 700+ FICO. Between those points, run both scenarios—the math is close.

FHA Loans in La Habra: 3.5% Down, 5.49% Rate, $4,254/Month on $750K