Question 1

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

Accepted Answer

Principal and interest run $4,200/month at 5.375% on a $750K loan. Add property tax, insurance, and mortgage insurance (roughly $300/month), and you're at $4,700–$4,800 total. This assumes a $777K purchase price with $27K down.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

No—not at 96.5% LTV. MIP runs for the life of the loan. The only escape is refinancing to conventional once you hit 20% equity. That takes 8–12 years of payments, depending on appreciation.

Question 3

Can I qualify for FHA with a 620 FICO?

Accepted Answer

Yes, FHA's floor is 580 FICO. But 620 gets you better pricing than 580. Most lenders price 620–639 at par or near-par. Below 620, expect 0.5%–1% rate premium. Call for a quote at your actual score.

Question 4

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

Accepted Answer

Minimum 3.5% of the purchase price. On a $777K home, that's $27K. If you have 10% down ($77K), MIP cancels after 11 years instead of running forever. The upfront MIP is 1.75% of the loan amount, added to your balance.

Question 5

Is FHA better than conventional in Monte Sereno?

Accepted Answer

It depends on your down payment. FHA wins if you have 3.5%–10% down. Conventional wins if you have 20% down. FHA closes faster and has looser credit rules. Conventional has no insurance cost long-term. Pick the one that matches your down payment.

FHA 30-year fixed in Monte Sereno: 5.375% rate, $4,200/month on $750K