Question 1

Can I cancel FHA mortgage insurance?

Accepted Answer

Not without refinancing into a conventional loan. FHA loans originated after 2013 carry mortgage insurance for the full loan term regardless of equity.

Question 2

What credit score do I need for conventional in Long Beach?

Accepted Answer

Minimum 620, but expect significantly better rates at 740+. Rates vary by borrower profile and market conditions.

Question 3

Is FHA really cheaper if I have good credit?

Accepted Answer

Almost never for long-term ownership. The permanent mortgage insurance erases any rate advantage within a few years of payments.

Question 4

Can I put less than 3.5% down?

Accepted Answer

FHA requires 3.5% minimum with 580+ credit, 10% with 500-579 credit. Conventional allows 3% down on specific first-time buyer programs.

Question 5

Do both loans have the same property requirements?

Accepted Answer

FHA is stricter on property condition. Conventional lenders care less about cosmetic issues as long as the home is structurally sound.

Conventional vs FHA Loans in Long Beach: Which Mortgage Fits Your Budget?