Question 1

What is the FHA loan limit in Santa Barbara County?

Accepted Answer

Santa Barbara County is a high-cost area, so FHA limits exceed the national baseline. Confirm the current limit with us before ruling out a purchase price.

Question 2

Can I use FHA to buy a condo in Goleta?

Accepted Answer

Yes, but the condo project must be FHA-approved. Not all Goleta condo complexes qualify — check the HUD approval list first.

Question 3

Does FHA require mortgage insurance?

Accepted Answer

Yes. FHA charges an upfront premium at closing plus an annual premium split into monthly payments. It stays for the life of most FHA loans.

Question 4

How does FHA compare to conventional in Goleta?

Accepted Answer

FHA is better for scores below 680. Above that, conventional often beats FHA on total cost once mortgage insurance is factored in.

Question 5

Can I use gift funds for my FHA down payment?

Accepted Answer

Yes. FHA allows 100% of your down payment to come from a documented gift. The donor needs to sign a gift letter — no repayment expected.

Question 6

Will sellers in Goleta accept FHA offers?

Accepted Answer

Some hesitate, but it's not a dealbreaker. A strong pre-approval and clean terms offset most seller concerns about FHA financing.

FHA Loans in Goleta, CA — Low Down, Real Approval Path