Question 1

What is the minimum down payment for FHA loans in San Clemente?

Accepted Answer

FHA loans require just 3.5% down with a credit score of 580 or higher. Borrowers with scores between 500-579 need 10% down.

Question 2

Can I use an FHA loan to buy a condo in San Clemente?

Accepted Answer

Yes, but the condo complex must be FHA-approved. Check the FHA condo approval list before making an offer to ensure financing eligibility.

Question 3

How do FHA loan limits work in Orange County?

Accepted Answer

Orange County is a high-cost area with higher FHA loan limits. These limits are updated annually and allow financing for more expensive properties than standard limits.

Question 4

What credit score do I need for an FHA loan in San Clemente?

Accepted Answer

A minimum score of 580 qualifies for 3.5% down. Scores between 500-579 may qualify with 10% down and additional requirements.

Question 5

Do FHA loans require mortgage insurance in San Clemente?

Accepted Answer

Yes, all FHA loans require both upfront and annual mortgage insurance premiums. This insurance protects lenders and enables lower down payment requirements.

FHA Loans in San Clemente: Affordable Homeownership by the Coast