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in Industry, CA
Industry sits in a unique corner of LA County where commercial properties outnumber homes. Most borrowers here are buying condos or single-family homes in pockets between warehouses.
Conventional and FHA loans both work for Industry buyers. Your credit score and down payment decide which makes sense.
Conventional loans require 620+ credit and at least 3% down. You'll pay lower rates if you put down 20% or more.
Private mortgage insurance drops off once you hit 20% equity. That saves you money compared to FHA's lifetime premium on loans over $726,200.
FHA loans accept 580 credit with 3.5% down. You'll pay mortgage insurance for the life of the loan unless you refinance later.
Industry condos must be FHA-approved, which some smaller HOAs skip. Check approval status before you make an offer.
Conventional wins on long-term cost if your credit sits above 700. FHA wins if you're between 580-680 or have limited down payment funds.
Conventional gives you more condo options since not all HOAs chase FHA approval. Rates vary by borrower profile and market conditions, but FHA typically runs 0.25-0.5% higher.
Pick FHA if your credit sits below 680 or you're stretching to cover 3.5% down. The higher insurance cost beats getting rejected or paying a huge conventional rate.
Pick conventional if you can clear 5% down and have 680+ credit. You'll pay less over time and unlock more property options in Industry's limited residential market.
Only if the HOA maintains FHA approval. Many smaller complexes here skip that process, leaving you with conventional as your only option.
620 gets you approved but 680+ unlocks better rates. Below 680, FHA often costs less despite the insurance premiums.
Not unless you refinance to conventional. You pay it for the life of the loan, which adds up over 30 years.
Conventional gives you more options since FHA restricts condos. In a tight market, that flexibility matters.
Yes, refinance once you hit 20% equity and 680+ credit. You'll drop the FHA insurance and likely lower your rate.