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Loomis sits in Placer County, one of the stronger suburban markets in the Sacramento region. Homes here sell fast and prices have held firm.
FHA loans give first-time buyers a real shot in this market. A 3.5% down payment goes a long way when you're not sitting on a big cash reserve.
580 (3.5% down)
Min Credit Score
3.5%
Min Down Payment
1.75% of loan
Upfront MIP
Up to 43% typical
DTI Limit
Life of loan (<10% down)
MIP Duration
FHA Loans in Loomis
You need at least a 580 credit score to put 3.5% down. Drop below 580 but stay above 500, and lenders require 10% down instead.
Debt-to-income ratio — that's your monthly debt divided by gross income — must stay under 43% for most FHA approvals. Some lenders push to 50% with strong compensating factors.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Loomis.
Loomis sits in Placer County, one of the stronger suburban markets in the Sacramento region. Homes here sell fast and prices have held firm.
FHA loans give first-time buyers a real shot in this market. A 3.5% down payment goes a long way when you're not sitting on a big cash reserve.
You need at least a 580 credit score to put 3.5% down. Drop below 580 but stay above 500, and lenders require 10% down instead.
Not every lender prices FHA loans the same way. Retail banks often add overlays — extra requirements beyond FHA minimums — that reject borrowers FHA would approve.
We shop across 200+ wholesale lenders to find who's actually competitive on FHA in Placer County right now. Rates vary by borrower profile and market conditions.
The FHA mortgage insurance premium — MIP for short — is the cost most buyers underestimate. You pay an upfront fee of 1.75% of the loan, plus an annual premium built into your monthly payment.
MIP doesn't go away automatically on FHA loans with less than 10% down. You carry it for the life of the loan unless you refinance into a conventional later.
If you're a veteran, VA loans beat FHA almost every time — no MIP, zero down, and lower rates on average. FHA is the move when VA isn't an option.
Conventional loans at 5% down can look close to FHA, but they require stronger credit. Below 680, FHA pricing usually wins. Above 720, conventional often costs less monthly.
Placer County FHA loan limits cap what you can borrow. If the home price exceeds that limit, FHA won't cover it — you'd need to bring the gap in cash or switch loan types.
Loomis has a mix of single-family homes on larger lots. FHA works fine for most of those, but the property has to pass an FHA appraisal, which checks safety and condition — not just value.
Placer County falls in a higher-cost area, so FHA limits exceed the national baseline. Check current limits before assuming your target price qualifies.
FHA allows scores down to 500 with 10% down. Most lenders we work with want 580+ for the 3.5% down option.
With less than 10% down, MIP stays for the full loan term. You'd need to refinance into conventional to remove it.
Some sellers prefer conventional due to FHA appraisal requirements. A strong offer and fast pre-approval can offset that concern.
Yes. FHA allows 100% of the down payment to come from a gift. The donor just needs to sign a letter confirming it's not a loan.
For buyers with credit scores under 680 and limited savings, FHA usually wins. Above that, run both scenarios before deciding.