Question 1

Can I use FHA to buy a home in Bishop?

Accepted Answer

Yes. FHA loans work in Bishop for primary residences. Inyo County loan limits apply, so confirm the limit before shopping.

Question 2

Which loan has a lower down payment?

Accepted Answer

FHA allows 3.5% down at 580+ credit. Conventional starts at 3% down but requires stronger credit to qualify.

Question 3

Does FHA mortgage insurance ever go away?

Accepted Answer

Not on 30-year FHA loans with less than 10% down. You'd need to refinance into a conventional loan to remove it.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require at least 620. Your rate improves significantly once you hit 740 or higher.

Question 5

Which loan is better for first-time buyers in Bishop?

Accepted Answer

FHA is often the entry point for first-timers with limited savings. Conventional wins if your credit and reserves are strong.

Conventional vs FHA Loans in Bishop, CA