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Big Bear Lake sits at 6,800 feet where mountain living commands $777K for a solid family home. At 5.375%, your monthly payment runs $4,200 principal and interest on a $750K loan.
San Bernardino County's median household income of $82,184 stretches thin at these prices. FHA lets you qualify on less down and lower credit than conventional, which matters when you're buying into altitude and distance from job centers.
5.375%
Interest Rate
$4,200
Monthly P&I
580
Minimum FICO
3.5%
Minimum Down
$750,000
Loan Amount
30-45 days
Close Timeline
FHA Loans in Big Bear Lake
FHA requires 580 FICO minimum, though 640+ gets better pricing. You can put down as little as 3.5%—here that's $27K on a $777K purchase.
The $750K loan shown here sits above the standard FHA limit of $690K because Big Bear Lake qualifies as a high-cost area. That ceiling bump lets you finance more, but your credit and reserves matter more at this level.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Big Bear Lake.
Big Bear Lake sits at 6,800 feet where mountain living commands $777K for a solid family home. At 5.375%, your monthly payment runs $4,200 principal and interest on a $750K loan.
San Bernardino County's median household income of $82,184 stretches thin at these prices. FHA lets you qualify on less down and lower credit than conventional, which matters when you're buying into altitude and distance from job centers.
FHA requires 580 FICO minimum, though 640+ gets better pricing. You can put down as little as 3.5%—here that's $27K on a $777K purchase.
FHA loans in California move through both retail banks and mortgage brokers. Retail lenders (Wells, Chase, Bank of America) have stricter overlays—they often require 620+ FICO and want 5% down minimum even though FHA allows 3.5%.
Closing timelines run 30-45 days for FHA in California. The appraisal is the bottleneck—FHA appraisers check for safety and habitability, not just value. Mountain properties sometimes need extra scrutiny for septic, well water, or access.
FHA makes sense in Big Bear Lake when you're buying $700K+ and your credit sits 580-660. Conventional at that price needs 700+ FICO and 10% down minimum.
The catch: lifetime mortgage insurance eats $312/month on this $750K loan. Over 30 years, that's $112K in pure insurance cost. If you can hit 700 FICO and save to 10% down, conventional pencils better.
Conventional loans at this price run higher rates and require 700+ FICO with 10% down. FHA's rate is lower, but the lifetime mortgage insurance never cancels.
If your credit is 740 (like the scenario here), conventional might actually cost less over time despite the higher rate. But if you're 620-660 FICO, FHA is the only realistic path.
Big Bear Lake's elevation and mountain access are real factors in appraisal and insurance. FHA appraisers check for septic systems, well water, and road access more carefully than valley appraisers do.
Winter weather affects property values and insurance here. Homes need roof condition, heating systems, and foundation stability to pass FHA inspection. That's not a deal-killer, but it means repairs discovered during appraisal can delay closing.
On a $750,000 FHA loan at 5.375% with $27,202 down, your principal and interest runs $4,200 monthly. Add property tax, insurance, and mortgage insurance—roughly $5,800-$6,200 total depending on the home's assessed value and location within the lake.
Yes. FHA's floor is 580 FICO, though most lenders price better at 620+. At 580, expect a slightly higher rate and tighter underwriting. You'll need solid income, low debt, and 2-3 months reserves in the bank after closing.
No, not on loans with less than 10% down. If you put down 10% or more, MIP cancels after 11 years. Below 10%, it runs for the life of the loan. Refinancing to conventional is the only escape if rates drop and your equity builds.
Big Bear Lake qualifies as a high-cost area, so the FHA limit jumps from $690K to $750K. That's because median home prices here exceed the national conforming limit.
Plan for 30-45 days. The appraisal is the wildcard—mountain properties sometimes need extra scrutiny for septic, wells, or road access. Budget 10 days for appraisal alone, especially if the appraiser flags repairs or inspections.