Question 1

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

Accepted Answer

You need a minimum 580 credit score for 3.5% down or 500-579 for 10% down. Some lenders may require higher scores as overlays to FHA minimums.

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. This is significantly lower than the typical 20% down for conventional financing.

Question 3

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

Accepted Answer

Yes, if the condo project is FHA-approved. The complex must meet specific requirements regarding owner-occupancy ratios and financial health.

Question 4

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

Accepted Answer

FHA requires upfront mortgage insurance and annual premiums. The upfront fee is 1.75% of the loan amount, plus annual premiums based on your loan terms.

Question 5

How long does FHA loan approval take in Riverside County?

Accepted Answer

Typical FHA loans close in 30-45 days from application. Timeline varies based on documentation completeness, appraisal scheduling, and lender processing speed.

FHA Loans in Perris: Affordable Home Financing for Riverside County Buyers