Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes — refinancing into conventional removes FHA mortgage insurance. You'll need sufficient equity and qualifying credit at that time.

Question 2

Which loan has a lower down payment?

Accepted Answer

Both go as low as 3–3.5%. FHA allows 3.5% at 580 credit. Conventional 3% down requires stronger credit.

Question 3

Does FHA cost more than conventional?

Accepted Answer

Often yes, long-term. FHA mortgage insurance lasts the life of the loan. Conventional PMI cancels at 22% equity.

Question 4

What credit score do I need for each loan?

Accepted Answer

FHA accepts scores as low as 580. Conventional lenders typically require at least 620, with better rates above 700.

Question 5

Can I use either loan for a rental property in Westmorland?

Accepted Answer

No. FHA requires owner occupancy. Conventional loans allow investment properties with the right down payment and reserves.

Conventional vs FHA Loans in Westmorland, CA