Question 1

Which loan has a lower down payment in Lemoore?

Accepted Answer

FHA requires just 3.5% down with a 580 credit score. Conventional requires as little as 3%, but that typically needs a stronger credit profile.

Question 2

Can I cancel mortgage insurance on an FHA loan?

Accepted Answer

Not easily. FHA mortgage insurance stays for the life of the loan if you put less than 10% down. Refinancing into conventional is the main exit.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a 620 minimum. Better rates kick in closer to 700 and above.

Question 4

Does FHA or conventional have higher loan limits in Kings County?

Accepted Answer

Both have limits set by county. Check current Kings County limits before assuming either loan covers your purchase price.

Question 5

Which loan is faster to close?

Accepted Answer

Conventional loans typically close faster. FHA requires an FHA-approved appraiser and has stricter property condition standards that can slow things down.

Question 6

Can I use either loan for a fixer-upper in Lemoore?

Accepted Answer

FHA has stricter property condition requirements. Conventional is more flexible on condition, but neither is designed for major rehab work.

Conventional vs FHA Loans in Lemoore, CA