Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes, refinance once you hit 20% equity and 620+ credit. Most Martinez buyers refinance FHA loans within 5-7 years to drop mortgage insurance.

Question 2

Which loan type closes faster in Martinez?

Accepted Answer

Both take 30-45 days typically. FHA appraisals can delay closing if the property needs repairs that conventional loans wouldn't require.

Question 3

Do seller preferences matter between these loans?

Accepted Answer

Some Martinez sellers favor conventional in competitive markets. FHA inspections are stricter, which can complicate deals on older homes.

Question 4

What credit score gets the best conventional rates?

Accepted Answer

You see the biggest rate drops at 740 and 780 credit scores. The difference between 680 and 740 can mean 0.5-0.75% higher rates.

Question 5

How much is FHA mortgage insurance monthly?

Accepted Answer

Annual premiums run 0.55-0.85% of your loan amount, paid monthly. On a $500K loan, expect $230-355 per month plus the 1.75% upfront fee.

Conventional vs FHA Loans in Martinez: Which Fits Your Budget?