Question 1

Can I get an FHA loan with a 580 credit score in La Puente?

Accepted Answer

Yes. FHA accepts credit scores as low as 580. Conventional typically requires 620 or higher. If your score is between 580 and 620, FHA is often your only option. Lenders may charge a higher rate for lower scores, but you'll still qualify.

Question 2

Does PMI ever go away on a conventional loan?

Accepted Answer

Yes. PMI cancels automatically once you reach 20% equity in the home. FHA's mortgage insurance premium (MIP) does not cancel — it stays for the life of the loan. This is the biggest long-term cost difference between the two programs.

Question 3

How much can I borrow in La Puente with either loan?

Accepted Answer

Both conventional and FHA cap at $1,249,125 in Los Angeles County for 2026. Your actual loan amount depends on your income, credit, and down payment. The loan limit is the ceiling, not your guaranteed amount.

Question 4

Which loan closes faster, conventional or FHA?

Accepted Answer

Conventional typically closes in 30 to 45 days. FHA takes 45 to 60 days because the appraisal is stricter and underwriting is more detailed. If speed matters, conventional has the edge.

Question 5

Can I put down 3.5% on a conventional loan?

Accepted Answer

No. Conventional loans require a minimum 5% down payment. FHA allows 3.5% down. If you have less than 5% saved, FHA is your path forward.

Conventional vs FHA in La Puente: Which Loan Fits Your Budget?