Question 1

Can I use FHA to buy in Laguna Woods Village?

Accepted Answer

Only in FHA-approved condo buildings. Co-op units in Laguna Woods Village do not qualify for FHA financing.

Question 2

Does retirement income qualify for FHA?

Accepted Answer

Yes. Social Security, pension, and IRA distributions all count. Lenders typically require a 3-year continuance for retirement income.

Question 3

What credit score do I need for FHA?

Accepted Answer

580 gets you 3.5% down. Scores between 500 and 579 require 10% down. Below 500, FHA is not an option.

Question 4

How do I know if a condo is FHA-approved?

Accepted Answer

HUD maintains an approved condo list online. We check it before you submit an offer — saves everyone time.

Question 5

Does FHA have mortgage insurance?

Accepted Answer

Yes, always. You pay an upfront premium plus monthly MIP. On most FHA loans, MIP stays for the life of the loan.

Question 6

How does FHA compare to conventional in Orange County?

Accepted Answer

FHA is more forgiving on credit. Conventional wins on cost if your score is above 700 — no lifetime mortgage insurance.

FHA Loans in Laguna Woods, CA