Question 1

Can I use FHA for a Monrovia condo?

Accepted Answer

Only if the complex is FHA-approved. Many newer Monrovia condos qualify, but older buildings often don't meet reserve requirements.

Question 2

What credit score gets the best conventional rate?

Accepted Answer

740 or higher unlocks top-tier pricing. You'll still get approved at 620, but expect rate bumps of 0.5-1.5% depending on down payment.

Question 3

Does FHA mortgage insurance ever drop off?

Accepted Answer

Not automatically. You must refinance to conventional once you reach 20% equity to eliminate the monthly premium.

Question 4

Which loan closes faster in Monrovia?

Accepted Answer

Conventional typically closes 3-5 days quicker. FHA appraisals take longer and require repairs that delay funding.

Question 5

Can I switch from FHA to conventional later?

Accepted Answer

Yes, through a rate-and-term refinance. Most borrowers do this after 2-3 years once equity builds and credit improves.

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