Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes, refinance to conventional once you hit 20% equity and 620+ credit. This eliminates FHA's permanent mortgage insurance and usually cuts your monthly payment.

Question 2

Which loan closes faster in San Pablo?

Accepted Answer

Both take 30-40 days typically. FHA sometimes runs longer due to property inspection requirements, but conventional appraisals can also delay closing.

Question 3

Does FHA cost more over 30 years?

Accepted Answer

Usually yes, due to permanent mortgage insurance. On a $400K loan, FHA can cost $60K+ more than conventional over the full term.

Question 4

Can I use conventional with only 3% down?

Accepted Answer

Yes, programs like HomeReady and Home Possible allow 3% down. You'll need 620+ credit and mortgage insurance until 20% equity.

Question 5

Which loan works better for San Pablo condos?

Accepted Answer

FHA requires stricter condo certification. Conventional approves most condo projects faster with less HOA documentation required.

Conventional vs FHA Loans in San Pablo: Which Mortgage Fits Your Budget?