Question 1

What's the monthly payment on a $750K FHA loan in Lemon Grove?

Accepted Answer

Principal and interest run $4,200 monthly at 5.375%. Add property taxes, insurance, and mortgage insurance—total payment typically runs $5,100–$5,400 depending on the home's assessed value and your insurance costs.

Question 2

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

Accepted Answer

No. FHA mortgage insurance (MIP) runs for the life of the loan if you put down less than 10%. With 10%+ down, MIP cancels after 11 years. FHA's advantage is the 3.5% minimum down—conventional requires 5% and still carries PMI.

Question 3

What credit score do I need to qualify for FHA in Lemon Grove?

Accepted Answer

FHA's floor is 580 FICO, but California lenders typically require 640+. At 740 FICO, you'll get the best rates and approval odds. Scores below 640 face tighter scrutiny and possible rate adjustments.

Question 4

How long does an FHA loan take to close in San Diego County?

Accepted Answer

FHA loans close in 30–45 days on average. Appraisals take longer than conventional because FHA has stricter property standards. Your lender's speed matters—brokers often close faster than retail banks.

Question 5

Can I refinance out of FHA mortgage insurance later?

Accepted Answer

Yes. Refinancing to a conventional loan at 80% LTV or higher eliminates MIP entirely. If your home appreciates or you pay down the balance, refinancing becomes cheaper than carrying lifetime insurance.

FHA 30-year fixed loans in Lemon Grove: 5.375% with 3.5% down