Question 1

What is the FHA loan limit for Riverside County?

Accepted Answer

Riverside County has a set FHA conforming limit. Homes priced above that limit require jumbo or conventional financing instead.

Question 2

Can I use FHA to buy a vacation home in La Quinta?

Accepted Answer

No. FHA requires the property to be your primary residence. Investment or vacation properties don't qualify.

Question 3

Does FHA work for condos in La Quinta?

Accepted Answer

Only if the condo complex is FHA-approved. Many Coachella Valley complexes are not. Check the HUD condo approval list first.

Question 4

How long does FHA mortgage insurance last?

Accepted Answer

Put less than 10% down and MIP lasts the life of the loan. Put 10% or more and it drops after 11 years.

Question 5

Can a seller pay my closing costs on an FHA loan?

Accepted Answer

Yes. FHA allows sellers to contribute up to 6% of the purchase price toward your closing costs and prepaids.

Question 6

What credit score do I actually need to get approved?

Accepted Answer

FHA allows 500, but most lenders want 580 or higher. Below 580, expect 10% down and fewer willing lenders.

FHA Loans in La Quinta, CA — Low Down, Real Access