Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes. Most borrowers refinance to conventional once they hit 20% equity and 620+ credit. This drops the mortgage insurance and cuts monthly payments.

Question 2

Which loan type approves faster in Parlier?

Accepted Answer

Both close in 30-40 days typically. FHA appraisals can add time if the property needs repairs, since FHA requires stricter condition standards.

Question 3

Does FHA limit how much I can borrow in Fresno County?

Accepted Answer

FHA caps at $541,287 for Fresno County as of 2026. Conventional goes higher, so larger Parlier purchases need conventional financing.

Question 4

Why does FHA mortgage insurance never drop off?

Accepted Answer

FHA changed rules in 2013. Any loan originated after that date carries lifetime insurance unless you refinance to a different program.

Question 5

Can I use gift money for down payment on both loan types?

Accepted Answer

Yes. FHA allows 100% gift funds. Conventional requires you contribute at least 5% of your own funds on purchases under 20% down.

Conventional vs FHA Loans in Parlier: Which Fits Your Home Purchase?