Question 1

What credit score do I need for FHA in Pacifica?

Accepted Answer

Most lenders require 580 for 3.5% down, though some overlay at 620. Scores 500-579 qualify with 10% down but fewer lenders approve them.

Question 2

How much can I borrow with FHA in San Mateo County?

Accepted Answer

The FHA loan limit is $1,089,300 for single-family homes. Above that amount, you need a jumbo loan with different qualification requirements.

Question 3

Does FHA mortgage insurance ever drop off?

Accepted Answer

No. FHA loans after 2013 carry mortgage insurance for the loan's life. You must refinance to conventional to remove it once you reach 20% equity.

Question 4

Can I use FHA for a Pacifica fixer-upper?

Accepted Answer

Only if it meets FHA minimum property standards at closing. Peeling paint, roof damage, or foundation issues must be fixed first or use FHA 203(k) renovation financing.

Question 5

How does FHA compare to conventional 3% down loans?

Accepted Answer

FHA accepts lower credit scores and higher debt ratios. Conventional has cheaper mortgage insurance that drops at 20% equity but stricter approval standards.

Question 6

What's the minimum down payment for FHA in Pacifica?

Accepted Answer

3.5% with a 580+ credit score. Rates vary by borrower profile and market conditions, but FHA typically offers competitive pricing despite mortgage insurance costs.

FHA Loans in Pacifica: Low Down Payment Access to Coastal San Mateo Living