Question 1

Which loan has a lower down payment in Alameda?

Accepted Answer

FHA requires 3.5% down with a 580+ score. Conventional can go as low as 3% for certain buyers, but that lowest-down-payment conventional option usually expects stronger credit and a cleaner overall profile.

Question 2

Can I cancel mortgage insurance on an FHA loan?

Accepted Answer

Not easily. FHA MIP usually stays in place until you refinance into another loan.

Question 3

What credit score do I need for each loan?

Accepted Answer

FHA allows scores as low as 580 for 3.5% down. Conventional usually starts at 620, and the pricing improves once you get well above that floor.

Question 4

Are the loan limits the same for both in Alameda County?

Accepted Answer

Yes. For 2026, both conforming conventional and FHA use the same Alameda County one-unit limit of $1,249,125.

Question 5

Which loan is better for a first-time buyer in Alameda?

Accepted Answer

It depends on your credit and savings. FHA is easier to qualify for, but conventional usually saves more over time if your finances are already in good shape.

Question 6

Does FHA or conventional close faster?

Accepted Answer

Conventional usually moves faster. FHA appraisals bring extra property-condition rules, and that can slow things down if the home needs work.

Conventional vs FHA Loans in Alameda, CA