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in Amador City, CA
Most borrowers in Amador City qualify for either conventional or FHA financing. The right choice depends on your credit score, down payment, and long-term cost tolerance.
Both loans close deals here. The difference is what you pay upfront versus over the life of the loan.
Conventional loans require 620+ credit and typically 3-5% down for purchases. You avoid mortgage insurance once you hit 20% equity, which saves hundreds monthly.
These loans work better if you have stronger credit and plan to stay long-term. Rates beat FHA if your score is 700 or higher.
FHA loans accept 580 credit scores with just 3.5% down. You pay an upfront mortgage insurance premium of 1.75% plus annual premiums that never drop off.
This program works when your credit needs work or cash is tight. The tradeoff is higher lifetime costs from permanent mortgage insurance.
Credit matters more with conventional loans—each 20-point drop costs you in rate. FHA pricing stays flatter across credit tiers, making it cheaper for scores under 680.
The mortgage insurance structure separates them. Conventional lets you cancel it. FHA charges it for life unless you refinance out later.
Choose FHA if your credit is below 680 or you need the lowest possible down payment. Just know you're paying more monthly for the easier approval.
Go conventional if you can qualify. You'll save thousands over time and have more flexibility to drop insurance or refinance without FHA restrictions.
Yes, but most lenders want 580 minimum. A 620 score actually qualifies you for better conventional pricing in most cases.
You pay 1.75% upfront plus 0.55-0.85% annually based on loan amount and down payment. That's $100-200 monthly on a $300K loan.
It cancels automatically at 78% loan-to-value. You can request removal at 80% with an appraisal showing the equity.
Both take 30-45 days typically. Conventional is slightly faster since FHA requires an additional property appraisal review.
No, FHA is primary residence only. You need conventional financing for vacation or investment properties.