Question 1

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

Accepted Answer

You can qualify with a score as low as 580 for 3.5% down, or 500-579 with 10% down. Individual lenders may have higher requirements.

Question 2

How much down payment is required for FHA loans?

Accepted Answer

The minimum down payment is 3.5% with a credit score of 580 or higher. This can come from savings, gifts, or down payment assistance programs.

Question 3

Can I buy a condo in Beaumont with an FHA loan?

Accepted Answer

Yes, but the condo complex must be FHA-approved. Your lender can verify if a specific property qualifies before you make an offer.

Question 4

What is FHA mortgage insurance and how much does it cost?

Accepted Answer

FHA loans require both upfront and annual mortgage insurance premiums. The upfront premium is 1.75% of the loan amount, typically rolled into your mortgage.

Question 5

How long does FHA loan approval take in Beaumont?

Accepted Answer

Most FHA loans close within 30-45 days. Working with an experienced broker can help streamline the process and avoid delays.

FHA Loans in Beaumont, CA: Affordable Home Financing with Low Down Payments