Question 1

What credit score do I need for an FHA loan in Desert Hot Springs?

Accepted Answer

You need a minimum 580 credit score for 3.5% down payment eligibility. Scores between 500-579 require 10% down payment to qualify for FHA financing.

Question 2

How much down payment is required for FHA loans?

Accepted Answer

FHA loans require as little as 3.5% down with a 580+ credit score. Lower credit scores between 500-579 need 10% down payment.

Question 3

Can I use an FHA loan to buy any home in Desert Hot Springs?

Accepted Answer

The property must meet FHA minimum property standards and pass an FHA appraisal. Single-family homes, approved condos, and 2-4 unit properties typically qualify.

Question 4

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

Accepted Answer

FHA requires 1.75% upfront mortgage insurance plus annual premiums of 0.55-1.05% of the loan amount. The upfront fee is typically financed into your loan.

Question 5

How long does FHA loan approval take in Riverside County?

Accepted Answer

Most FHA loans close within 30-45 days from application to funding. Timeline varies based on appraisal scheduling, documentation, and any required property repairs.

FHA Loans in Desert Hot Springs: Affordable Home Financing with Low Down Payments