Question 1

What credit score do I need for an FHA loan in Half Moon Bay?

Accepted Answer

You need a minimum 580 credit score for 3.5% down payment. Scores between 500-579 qualify with 10% down. Lenders may have additional requirements beyond FHA minimums.

Question 2

Can I use an FHA loan for a condo in Half Moon Bay?

Accepted Answer

Yes, if the condo project is FHA-approved. The condo association must meet FHA requirements including owner-occupancy ratios and financial reserves. We can verify approval status for specific buildings.

Question 3

How much is FHA mortgage insurance in San Mateo County?

Accepted Answer

FHA charges 1.75% upfront (often financed) plus annual premiums of 0.55% to 0.85% based on loan amount and down payment. These costs are required for the life of most FHA loans.

Question 4

Do Half Moon Bay coastal properties qualify for FHA loans?

Accepted Answer

Most coastal properties qualify if they meet FHA safety and structural standards. The appraiser will check for weather damage, proper drainage, and structural integrity related to coastal exposure.

Question 5

Can I buy a fixer-upper in Half Moon Bay with FHA?

Accepted Answer

Standard FHA loans require properties to meet minimum safety standards at purchase. For homes needing repairs, consider FHA 203(k) renovation loans that finance both purchase and improvements together.

FHA Loans in Half Moon Bay: Your Path to Coastal California Homeownership