Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes, you can refinance out of FHA once you hit 20% equity and your credit improves. That kills the lifetime mortgage insurance problem.

Question 2

Which loan closes faster in Los Angeles?

Accepted Answer

Conventional typically closes quicker because it skips FHA's appraisal requirements for property condition. Expect 25-30 days versus 35-40 for FHA.

Question 3

Do sellers prefer conventional over FHA offers?

Accepted Answer

Most LA sellers prefer conventional because the appraisal is less strict. FHA appraisers flag repairs that can kill deals or force price cuts.

Question 4

What down payment actually makes sense in LA?

Accepted Answer

Put down 20% if you can to avoid PMI entirely. Otherwise, 5-10% keeps your payment manageable while building equity faster than 3%.

Question 5

Can I use FHA for a condo in Los Angeles?

Accepted Answer

Only if the building is FHA-approved. Many LA condo complexes don't qualify, which forces you to conventional financing.

Conventional vs FHA Loans in Los Angeles: Which One Gets You In?