Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes, refinance to conventional once you build 20% equity and your credit improves. This drops the monthly mortgage insurance permanently.

Question 2

Which loan closes faster in La Mirada?

Accepted Answer

Conventional typically closes 2-3 days faster since FHA requires additional property inspections. Neither timeline creates major delays locally.

Question 3

Do both loans work on La Mirada condos?

Accepted Answer

FHA requires HOA approval from their condo list. Conventional approves more condo projects without extra paperwork or waiting.

Question 4

What credit score gets the best conventional rates?

Accepted Answer

You'll see top pricing at 740+ credit. Every 20-point drop below that costs about 0.25% in rate.

Question 5

Can I use both loans for investment properties?

Accepted Answer

No, both require owner occupancy. You need a conventional investment property loan for rentals in La Mirada.

Conventional vs FHA Loans in La Mirada: Which Home Loan Wins?