FHA in California, do I qualify?

[Winnie Liu]

Hello! I’m new here, just found this website today. 

My husband and I are interested in FHA grant in the bay area, about 700k house, closer to the Oakland area. My husband and I make a combined $130k annually. We expect to save enough for the 3.5% by end of this year. Our credit score is about 690. Would this be feasible?

One of my husband's real estate friend told him there's a lot of restrictions to the FHA grant in Cali such as not able to renovate or to rent it out, so we were told it's not a good idea, but I can't seem to find much information on the cons other than high mortgage payment/insurance.

Thanks for the help!

[Chris Mason]

Originally posted by @Winnie Liu:

Hello! I’m new here, just found this website today. 

My husband and I are interested in FHA grant in the bay area, about 700k house, closer to the Oakland area. My husband and I make a combined $130k annually. We expect to save enough for the 3.5% by end of this year. Our credit score is about 690. Would this be feasible?

One of my husband's real estate friend told him there's a lot of restrictions to the FHA grant in Cali such as not able to renovate or to rent it out, so we were told it's not a good idea, but I can't seem to find much information on the cons other than high mortgage payment/insurance.

Thanks for the help!

I don't spot any deal breakers. I'm not sure you'd need a grant for the down payment, but for Oakland your income is below the income threshold and your FICO is perfectly fine for FHA.