Question 1

What credit score do I need for an FHA loan?

Accepted Answer

FHA guidelines are more flexible than many conventional programs, and many borrowers qualify with scores in the 600s — sometimes lower with a larger down payment. We'll review your full picture, not just the number.

Question 2

Does an FHA loan require mortgage insurance?

Accepted Answer

Yes. FHA loans include an upfront mortgage insurance premium plus an annual premium paid monthly. We'll show you exactly what those cost so you can compare an FHA loan against your other options.

Question 3

Can I use gift money for the down payment?

Accepted Answer

Yes. With proper documentation, your 3.5% down payment can come as a gift from a family member. We'll explain the simple paperwork the lender needs.

Question 4

Can I use an FHA loan if I'm not a first-time buyer?

Accepted Answer

Yes. FHA loans aren't limited to first-time buyers — they're available to any qualifying borrower buying a primary residence.

Question 5

What property types can I buy with an FHA loan?

Accepted Answer

FHA covers single-family homes, FHA-approved condominiums (or a single-unit approval), townhomes, and 2–4 unit properties as long as you live in one of the units. Manufactured homes can qualify when they're on a permanent foundation and meet FHA's rules. The home also has to pass an FHA appraisal for condition and safety — we check the property type early so nothing stalls your closing.

Question 6

Can I ever get rid of FHA mortgage insurance?

Accepted Answer

On most FHA loans the mortgage insurance stays for the life of the loan — but you're not stuck with it forever. Once you've built enough equity, many homeowners refinance into a conventional loan to drop it. We'll keep an eye on that milestone with you and run the numbers when the time comes.

Question 7

Is there a limit on how much I can borrow with an FHA loan?

Accepted Answer

Yes. FHA sets a maximum loan amount that changes by county each year, so what you can borrow in one California county may differ from the next. We check the current limit for the area you're buying in before you start shopping.

Question 8

I'm self-employed — can I get an FHA loan without tax returns?

Accepted Answer

Standard FHA underwriting asks self-employed borrowers for tax returns, and write-offs can make those returns look smaller than the business really is. Certain lenders offer an FHA Self-Employed P&L program where a profit-and-loss statement prepared by your CPA or licensed tax preparer takes the place of tax returns — while keeping FHA's low down payment and flexible credit guidelines. We work with lenders who offer it and can tell you quickly whether your file fits.

Today's sample FHA loan rates