Question 1

Can I use FHA for an Industry condo?

Accepted Answer

Only if the HOA maintains FHA approval. Many smaller complexes here skip that process, leaving you with conventional as your only option.

Question 2

What credit score do I really need for conventional in Industry?

Accepted Answer

620 gets you approved but 680+ unlocks better rates. Below 680, FHA often costs less despite the insurance premiums.

Question 3

Does FHA mortgage insurance ever drop off?

Accepted Answer

Not unless you refinance to conventional. You pay it for the life of the loan, which adds up over 30 years.

Question 4

Which loan works better for Industry's limited inventory?

Accepted Answer

Conventional gives you more options since FHA restricts condos. In a tight market, that flexibility matters.

Question 5

Can I switch from FHA to conventional later?

Accepted Answer

Yes, refinance once you hit 20% equity and 680+ credit. You'll drop the FHA insurance and likely lower your rate.

Conventional vs FHA Loans in Industry: Which Fits Your Budget?