Question 1

What credit score do I need for FHA in Colma?

Accepted Answer

Most lenders require 580 minimum for 3.5% down, though some accept 500 with 10% down. Higher scores typically secure better interest rates and terms.

Question 2

Can I use FHA for a condo in Colma?

Accepted Answer

Yes, if the condo project is FHA-approved. Your lender verifies approval status during the process, as not all developments qualify.

Question 3

How much is FHA mortgage insurance in San Mateo County?

Accepted Answer

Upfront premium is 1.75% of loan amount, plus annual premiums of 0.55%-0.85% depending on down payment and loan term. These protect the lender and enable flexible qualification.

Question 4

What's the maximum FHA loan amount here?

Accepted Answer

San Mateo County has high-cost area limits that adjust annually. Contact a broker for current year limits, which change each January based on market conditions.

Question 5

Can sellers help with my FHA closing costs?

Accepted Answer

Sellers can contribute up to 6% of the purchase price toward your closing costs and prepaid items, significantly more than conventional loans allow.

FHA Loans in Colma: Access San Mateo County Homeownership with Low Down Payments