Question 1

What's the monthly payment on a $750,000 FHA loan in Corning?

Accepted Answer

At 5.375% interest, principal and interest run $4,200 monthly. Add property tax, insurance, and mortgage insurance (roughly $600–800 monthly), and your total housing payment lands around $5,200–5,400. This assumes 96.5% LTV and a 30-year term.

Question 2

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

Accepted Answer

No. FHA allows 3.5% down. But mortgage insurance stays for the life of the loan if you put down less than 10%. With 10%+ down, MIP cancels after 11 years. At 3.5% down, you carry it forever unless you refinance to conventional.

Question 3

Can I use a gift from family for my FHA down payment?

Accepted Answer

Yes. FHA allows gift funds for the entire down payment. The donor must provide a letter stating the gift is not a loan. Lenders verify the funds sit in your account for two months before closing.

Question 4

What credit score do I need for FHA in Corning?

Accepted Answer

FHA's floor is 580 FICO. Lenders may require 600+ for the best rates. At 740 FICO, you qualify easily. Below 620, expect tighter scrutiny on employment and cash reserves.

Question 5

When can I drop the mortgage insurance and refinance to conventional?

Accepted Answer

You can refinance to conventional once you hit 78% LTV. On a $750,000 loan, that's roughly $585,000 remaining balance. Refinancing costs 2–3% of the loan amount, so run the math before pulling the trigger.

FHA 30-Year Fixed Mortgages in Corning, CA — Lower Credit, Smaller Down Payment