Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes, refinance once you reach 20% equity and 620+ credit. This eliminates FHA mortgage insurance and typically lowers your monthly payment.

Question 2

Which loan type approves lower credit scores?

Accepted Answer

FHA accepts 580 minimum credit with 3.5% down. Conventional requires 620 minimum, making FHA easier for buyers rebuilding credit.

Question 3

Does conventional really cost less than FHA?

Accepted Answer

With good credit, yes. Conventional avoids the 1.75% upfront fee and drops PMI at 20% equity. FHA insurance never cancels.

Question 4

Can I use FHA for an Orange Cove investment property?

Accepted Answer

No, FHA requires owner occupancy. You must live in the home as your primary residence for at least one year.

Question 5

What credit score gets me the best conventional rate?

Accepted Answer

740 or higher unlocks top-tier pricing. Every 20 points above 680 typically improves your rate by 0.125-0.25%.

Conventional vs FHA Loans in Orange Cove: Which Fits Your Budget?