Question 1

What's the monthly payment on a $750K FHA loan in Belmont right now?

Accepted Answer

At 5.375% on a $750K FHA loan, principal and interest run $4,200 monthly. Add property tax, insurance, HOA, and mortgage insurance — total housing payment typically lands $5,200 to $5,600 depending on your property and tax rate.

Question 2

Can I get rid of FHA mortgage insurance later?

Accepted Answer

No — FHA mortgage insurance never cancels automatically. Your only escape is refinancing into a conventional loan once you have 20% equity and rates allow. That typically takes 5 to 10 years depending on market conditions.

Question 3

Do I need 740 FICO to qualify for FHA in Belmont?

Accepted Answer

No. FHA's floor is 580 FICO, but California lenders typically require 640 minimum to avoid extra overlays. At 740, you're well above the floor and should see competitive rates and fast approval.

Question 4

Is $27K down enough to buy a $777K home in Belmont?

Accepted Answer

Yes — that's 3.5% down, which is FHA's minimum. You'll carry mortgage insurance for the life of the loan, but you avoid the $77K conventional down payment. The tradeoff is permanent insurance cost versus liquidity now.

Question 5

How long does FHA closing take in San Mateo County?

Accepted Answer

FHA loans through a broker typically close in 30 to 45 days. Retail banks run 45 to 60 days. Your lock period is 30 days, so timing matters — lock early and confirm your lender's closing timeline upfront.

FHA loans in Belmont: 3.5% down, 740+ FICO, lifetime mortgage insurance