Question 1

Can I use an FHA loan to buy in Pleasanton?

Accepted Answer

Yes, but check Alameda County loan limits first. Pleasanton prices run high, and FHA limits may not cover the full purchase price.

Question 2

Which loan has lower monthly payments?

Accepted Answer

It depends on your down payment and credit. Conventional beats FHA long-term if you avoid PMI. Rates vary by borrower profile and market conditions.

Question 3

How do I get rid of FHA mortgage insurance?

Accepted Answer

Most FHA borrowers refinance into a conventional loan once they hit 20% equity. That's the cleanest exit from lifetime MIP.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require at least 620. But 740 or higher is where you start seeing the most competitive rate tiers.

Question 5

Is FHA easier to qualify for than conventional?

Accepted Answer

Generally yes. FHA accepts lower credit scores and higher debt-to-income ratios. The cost is permanent mortgage insurance.

Question 6

Can I put less than 20% down on a conventional loan?

Accepted Answer

Yes — as low as 3% on some programs. You'll pay PMI until you reach 20% equity, then it cancels automatically.

Conventional vs FHA Loans in Pleasanton, CA