Question 1

Can I avoid mortgage insurance on an FHA loan?

Accepted Answer

No. FHA requires mortgage insurance for the loan's life. You must refinance to conventional with 20% equity to eliminate it completely.

Question 2

Which loan closes faster in Walnut?

Accepted Answer

Both take 30-45 days typically. FHA appraisals sometimes add a week if repairs are needed before closing can happen.

Question 3

What credit score do I actually need for conventional?

Accepted Answer

620 minimum gets approval. 740+ unlocks the best rates and lowest fees from most lenders we work with.

Question 4

Can I use FHA for a Walnut investment property?

Accepted Answer

No. FHA requires you live in the home as your primary residence. Use conventional for rental properties instead.

Question 5

How much does FHA mortgage insurance actually cost?

Accepted Answer

1.75% upfront plus 0.55%-0.85% annually. On a $600K loan, expect $10,500 upfront and $275-425 monthly depending on down payment.

Conventional vs FHA Loans in Walnut: Which Gets You Into Your Home Faster?