Question 1

What's the monthly payment on an FHA loan for $750,000 in San Buenaventura?

Accepted Answer

Principal and interest run $4,200 monthly at 5.375% on a $750,000 loan. Add property taxes, insurance, and mortgage insurance (roughly $1,200–$1,500 combined) for your total housing payment.

Question 2

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

Accepted Answer

No. FHA requires mortgage insurance (MIP) for the life of the loan if your down payment is under 10%. With 10% or more down, MIP cancels after 11 years. At 3.5% down, you pay MIP forever unless you refinance to conventional later.

Question 3

What credit score do I need to qualify for FHA in San Buenaventura?

Accepted Answer

FHA's minimum is 580 FICO, but most lenders prefer 640+ to avoid overlays. At 740 FICO, you're well above the floor and qualify for the best available rates.

Question 4

Can I use FHA to buy a $750,000 home in San Buenaventura?

Accepted Answer

Yes. San Buenaventura is in a high-cost area with an FHA limit of $1,035,000. A $750,000 purchase is well within that limit. You'll need 3.5% down ($27,202) and a 580+ FICO score to qualify.

Question 5

How long does an FHA loan close in San Buenaventura?

Accepted Answer

Most brokers close FHA loans in 30–45 days. Retail banks may take 45–60 days. Speed depends on appraisal turnaround and your documentation completeness. Request a 30-day lock if you need to close quickly.

FHA loans in San Buenaventura: 3.5% down, 740+ FICO, rates from 5.375%