Question 1

What's the monthly payment on a $750K FHA loan in Del Mar?

Accepted Answer

At 5.49% on a $750K FHA loan, principal and interest run $4,254/month. Add property taxes, insurance, and mortgage insurance (roughly $180/month at 96.5% LTV), and your total payment lands around $5,200–$5,400 depending on the home.

Question 2

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

Accepted Answer

No. FHA requires only 3.5% down. Mortgage insurance (MIP) is mandatory for the life of the loan if you put down less than 10%. With 10%+ down, MIP cancels after 11 years. There's no way to avoid MIP on FHA below 10% down.

Question 3

Can I get FHA with a 620 FICO in Del Mar?

Accepted Answer

Yes. FHA's floor is 580 FICO, but most lenders require 620+ for standard pricing. At 620, you'll pay a higher rate and may face tighter underwriting. 740+ FICO (like the scenario here) gets you the best rates and fastest approval.

Question 4

When does FHA mortgage insurance cancel?

Accepted Answer

If you put down 10% or more, MIP cancels after 11 years of on-time payments. Below 10% down, MIP runs for the life of the loan unless you refinance. At 96.5% LTV, you're locked into lifetime MIP unless you refinance or pay down the balance.

Question 5

Is FHA or conventional better for a $750K home in Del Mar?

Accepted Answer

FHA wins if you have limited down-payment savings and 740+ FICO. You keep $50K in reserves and close faster. Conventional 10% down wins if you can afford the larger down payment and want to avoid lifetime MIP. Run both scenarios with your lender.

FHA 30-year fixed in Del Mar: 5.49% rate, $4,254/month on $750K