Question 1

What's the monthly payment on a $750K FHA loan at 5.49%?

Accepted Answer

Principal and interest run $4,254 per month. Add property taxes, insurance, and MIP (roughly $345/month), and your total housing payment lands around $5,100–$5,200 depending on the property.

Question 2

Do I have to pay mortgage insurance forever on an FHA loan?

Accepted Answer

Yes, if you put down less than 10%. MIP never cancels on FHA loans below 90% LTV. At 3.5% down, you're locked into the annual 0.55% fee for the life of the loan unless you refinance to conventional later.

Question 3

Can I get approved with a 620 FICO?

Accepted Answer

FHA allows 580 FICO minimum, but lenders typically require 640+ for approval. At 620, you'll face overlays—higher rates, larger down payment, or both. Call to discuss your specific credit profile.

Question 4

What's the upfront cost to close on a $750K FHA loan?

Accepted Answer

Upfront MIP is 1.75% of the loan amount ($13,125). Add closing costs (title, appraisal, underwriting) of $3,000–$5,000. Total out-of-pocket is roughly $16K–$18K plus your down payment of $27K.

Question 5

Is FHA better than conventional for National City buyers?

Accepted Answer

FHA wins if you're putting down 3–7% and your FICO is 640–720. Conventional wins if you can put 20% down or your FICO is 760+. Run both with your actual numbers to see the true cost difference.

FHA 30-year Fixed Mortgages in National City: 5.49% Rate, 3.5% Down