Question 1

What's the monthly payment on a $750K FHA loan at today's rate?

Accepted Answer

At 5.375% on a $750K loan, principal and interest run $4,200 per month. Add property tax, insurance, and mortgage insurance—roughly $5,200–$5,500 total. That's the 30-year fixed scenario as of April 8, 2026.

Question 2

Do I need 20% down to avoid mortgage insurance on an FHA loan?

Accepted Answer

No. FHA mortgage insurance (MIP) cancels only if you put 10% or more down and wait 11 years. Below 10% down, MIP stays for the life of the loan. That's the FHA structure—it's not optional.

Question 3

Can I get an FHA loan with a 600 FICO score?

Accepted Answer

FHA's floor is 580, so technically yes. But most lenders require 620+ in practice. A 600 FICO will narrow your options and may cost you a higher rate. Ask your lender what their actual floor is.

Question 4

How much do I need to put down on an FHA loan in Millbrae?

Accepted Answer

FHA minimum is 3.5% down. On a $777K home, that's about $27,200. You can put more down if you want—10% or 15%—which lowers your mortgage insurance cost over time.

Question 5

Is FHA cheaper than conventional for a first-time buyer?

Accepted Answer

It depends on your down payment and credit score. FHA's rate runs lower, but lifetime mortgage insurance adds cost. With 5% down, FHA usually wins. With 10%+ down and a 740+ FICO, conventional often pencils better.

FHA 30-year fixed loans in Millbrae: 5.375% with 3.5% down