Loading
in Lemoore, CA
Most Lemoore buyers qualify for either conventional or FHA financing. Your credit score and down payment decide which loan saves you money.
FHA allows 3.5% down with 580 credit. Conventional needs 3% down but wants 620+ credit and stronger income docs.
Conventional loans demand cleaner credit but reward you with lower monthly payments. You avoid the upfront mortgage insurance premium FHA charges.
Put down 20% and you skip private mortgage insurance entirely. Even with 5% down, PMI drops off once you hit 78% loan-to-value.
FHA loans accept borrowers conventional lenders reject. You can qualify with 580 credit and buy with just 3.5% down.
The tradeoff: you pay 1.75% upfront mortgage insurance plus annual premiums for the loan's life. This adds real cost over time.
Credit makes the biggest difference. FHA works with 580 scores while conventional wants 620 minimum. Most lenders prefer 680+ for conventional.
Mortgage insurance separates these loans more than rates do. FHA's lifetime MIP costs thousands more than conventional PMI that drops off.
Choose FHA if your credit sits below 640 or you had a recent bankruptcy. It's the approval path when conventional underwriting says no.
Pick conventional with 680+ credit and stable income. You'll pay less monthly and build equity faster without permanent mortgage insurance.
Yes, refinance to conventional once you have 20% equity and 620+ credit. This removes FHA's lifetime mortgage insurance premium.
Rates vary by borrower profile and market conditions. Strong credit typically gets better conventional rates, but FHA stays competitive for lower scores.
Yes, both conventional and FHA approve properties throughout Kings County. The property type and condition matter more than location.
You pay 1.75% upfront plus 0.55-0.85% annually on most FHA loans. On a $350K loan that's $6,125 upfront and $1,925-$2,975 yearly.
Yes, both loans accept gift funds from family. FHA allows your entire down payment to be gifted; conventional typically wants some from you.