Question 1

Can I put 3% down on a conventional loan in Clovis?

Accepted Answer

Yes, with 620+ credit. You'll pay mortgage insurance until you reach 78% loan-to-value, then it drops off automatically.

Question 2

Does FHA mortgage insurance ever cancel?

Accepted Answer

Not unless you refinance to conventional. FHA charges insurance for the entire loan term regardless of your equity position.

Question 3

Which loan type approves easier with credit issues?

Accepted Answer

FHA accepts 580 credit and recent collections. Conventional requires 620 minimum and cleaner credit history overall.

Question 4

What credit score makes conventional cheaper than FHA?

Accepted Answer

Usually 680 or higher. Below that, FHA's flat pricing often beats conventional's risk-based adjustments.

Question 5

Can I use FHA for a Clovis investment property?

Accepted Answer

No, FHA requires owner occupancy. You need conventional financing for investment properties in Clovis.

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