Question 1

What's the monthly payment on a $750K FHA loan at today's rate?

Accepted Answer

At 5.49% on a $750K FHA loan, principal and interest run $4,254 per month. Add property taxes, insurance, and mortgage insurance—total housing payment is typically $5,500-$6,000 depending on the property.

Question 2

Do I need 20% down to avoid mortgage insurance on an FHA loan?

Accepted Answer

No. FHA mortgage insurance (MIP) is required on all loans with less than 10% down. If you put 10% or more down, MIP cancels after 11 years. Below 10%, it runs for the life of the loan.

Question 3

Can I qualify for FHA with a 620 credit score?

Accepted Answer

FHA's minimum is 580 FICO, so yes, technically. Most lenders require 640+ to avoid overlays. At 620, expect tighter debt-to-income limits and possibly a higher rate. Call for a pre-qualification.

Question 4

How much do I need to put down on a $777K home in Colton?

Accepted Answer

FHA minimum is 3.5% down. On a $777K purchase, that's $27,202. You'll also need cash for closing costs, appraisal, and inspection—typically $8K-$12K more.

Question 5

Is FHA or conventional better for a $750K purchase in Colton?

Accepted Answer

FHA wins if you have 3-5% down and a 640+ FICO. Conventional requires 10-20% down but avoids lifetime mortgage insurance. FHA saves cash at close; conventional saves money over 30 years if you stay long-term.

FHA 30-year fixed loans in Colton: 5.49% with 3.5% down