Question 1

Can I refinance from FHA to conventional later?

Accepted Answer

Yes, once you build 20% equity and your credit improves. Most borrowers refinance within 3-5 years to drop FHA insurance.

Question 2

Which loan closes faster in Huntington Park?

Accepted Answer

Both close in 21-30 days typically. FHA appraisals take slightly longer due to stricter property condition requirements.

Question 3

Do both loans allow the same property types?

Accepted Answer

Conventional approves condos easier with lower HOA requirements. FHA needs full condo certification which eliminates some buildings.

Question 4

What credit score gets me the best conventional rate?

Accepted Answer

740+ scores unlock the lowest pricing tiers. Every 20-point drop below 740 increases your rate by 0.25-0.50%.

Question 5

Does FHA insurance ever cancel without refinancing?

Accepted Answer

Only if you put down 10%+ and wait 11 years. Most FHA borrowers carry insurance for the loan's entire life.

Conventional vs FHA Loans in Huntington Park: Which Gets You Better Terms?