Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes, refinance once you hit 20% equity and 620+ credit. You'll drop the monthly mortgage insurance and often lower your rate.

Question 2

Which loan type closes faster in Walnut Creek?

Accepted Answer

Conventional usually closes quicker. FHA appraisals require stricter property standards that can delay closing or kill deals.

Question 3

Do Walnut Creek sellers prefer conventional offers?

Accepted Answer

Most do. Conventional buyers look stronger and face fewer appraisal hurdles. FHA offers need competitive terms to win.

Question 4

What credit score gets me the best conventional rate?

Accepted Answer

Rates improve in 20-point jumps. You'll see the best pricing at 740+. Rates vary by borrower profile and market conditions.

Question 5

Is FHA mortgage insurance really permanent?

Accepted Answer

Yes, if you put down less than 10%. The only way to remove it is refinancing to conventional once you build enough equity.

Conventional vs FHA Loans in Walnut Creek: Which Gets You In?