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San Mateo's Bespoke mixed-use development at the former Talbot's site signals downtown investment and housing growth. At 5.875% interest, a $750,000 FHA purchase runs $4,437 monthly (principal and interest).
Colma sits in San Mateo County where the median household income of $156,000 supports homes in this range comfortably. FHA's 3.5% down requirement keeps closing costs lower than conventional financing.
5.875%
Interest Rate
$4,437
Monthly Payment (PI)
580
Minimum FICO
3.5%
Down Payment Minimum
$750,000
Loan Amount (Scenario)
30-45 days
Typical Close
FHA Loans in Colma
FHA requires a 580 FICO minimum, though 740 and above gets the best pricing. Down payments start at 3.5% of the purchase price, meaning $27,202 down on a $777,202 home.
Debt-to-income limits run up to 50% on FHA, so the county's $156,000 median income supports a loan around this size. Mortgage insurance (MIP) runs for the life of the loan when down payment is under 10%.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Colma.
San Mateo's Bespoke mixed-use development at the former Talbot's site signals downtown investment and housing growth. At 5.875% interest, a $750,000 FHA purchase runs $4,437 monthly (principal and interest).
Colma sits in San Mateo County where the median household income of $156,000 supports homes in this range comfortably. FHA's 3.5% down requirement keeps closing costs lower than conventional financing.
FHA requires a 580 FICO minimum, though 740 and above gets the best pricing. Down payments start at 3.5% of the purchase price, meaning $27,202 down on a $777,202 home.
FHA loans in California are offered by banks, credit unions, and mortgage brokers. Most lenders price FHA and conventional similarly, but FHA's lower credit floor and down-payment flexibility attract first-time buyers.
Underwriting timelines typically run 30-45 days for FHA. Appraisals must meet FHA property standards, which can delay closings in older neighborhoods but rarely derail deals.
FHA pencils in Colma when you have limited savings but solid income. At $156,000 county median income, a buyer with 740 FICO and 3.5% down qualifies for $750,000 without stretching debt ratios.
Conventional makes more sense above $1,249,125 (the 2026 conforming limit) or if you can put 20% down and skip PMI entirely. Below that, FHA's lower down payment often beats conventional's PMI cost over five years.
Conventional loans at this price require 5-10% down and carry PMI until you hit 78% LTV. FHA's 3.5% down costs less upfront, but MIP stays for the life of the loan if you put down under 10%.
The monthly payment difference is modest at this rate. FHA wins if you're short on cash; conventional wins if you plan to stay and can put 20% down to skip insurance entirely.
San Mateo County school districts placed bond measures on the June ballot for funding boosts. Families buying in Colma benefit from these infrastructure investments in schools and district resources.
The Michelin guide's recognition of Bay Area dining signals the region's culinary growth. Colma's proximity to San Mateo and San Francisco means access to restaurants and cultural amenities that support long-term home values.
FHA lending in California remains steady as a first-time buyer channel. The program's flexibility on credit and down payment keeps it popular despite higher insurance costs.
HUD's recent updates to FHA single-family rules (14 changes to origination, servicing, and quality control) streamline the process. These updates make underwriting faster and more consistent across lenders.
FHA requires 580 FICO minimum to qualify. Scores of 740 and above get the best rates and terms, like the 5.875% shown here.
No — FHA's minimum is 3.5% down. On a $777,202 purchase, that's $27,202. Conventional requires 5-10% minimum and PMI until 78% LTV.
At 5.875% interest, principal and interest run $4,437 monthly. Add property taxes, insurance, and MIP for your full payment. MIP is roughly $250-300 monthly on this loan.
Yes, but only if you put 10% or more down. Below 10% down, MIP stays for the life of the loan. Refinancing is the only escape.
Yes — 740 FICO qualifies easily for FHA. You'll get the best rates at that score. The scenario shown here uses 740 FICO as the pricing baseline.