Question 1

What is the FHA loan limit for Sacramento County?

Accepted Answer

Limits adjust annually based on area home prices. Check current Sacramento County FHA limits before assuming your target price qualifies.

Question 2

Can I use FHA to buy a condo in Folsom?

Accepted Answer

Only FHA-approved condo projects qualify. Folsom has condos on the approved list, but verify the specific complex before making an offer.

Question 3

How long does FHA mortgage insurance last?

Accepted Answer

With less than 10% down, FHA annual MIP lasts the life of the loan. Putting 10%+ down reduces MIP to 11 years.

Question 4

Is my credit score good enough for FHA in Folsom?

Accepted Answer

FHA allows scores down to 500. Individual lenders may require higher scores — 580 is the most common cutoff for 3.5% down.

Question 5

Can FHA cover a fixer-upper in Folsom?

Accepted Answer

Yes — the FHA 203k loan wraps purchase and renovation costs into one loan. It's more paperwork, but it works for properties that need real work.

Question 6

Does FHA allow gift funds for the down payment?

Accepted Answer

Yes. FHA allows 100% of the down payment to come from a gift. The donor just needs to sign a gift letter confirming no repayment is required.

FHA Loans in Folsom, CA: Low Down Payment, Real Approval