Question 1

Can I buy a West Hollywood condo with FHA financing?

Accepted Answer

Only if the building is FHA-approved. Many older West Hollywood condos don't meet FHA's ownership concentration and reserve requirements.

Question 2

How much does mortgage insurance cost on each loan type?

Accepted Answer

FHA charges 1.75% upfront plus 0.55-0.85% annually. Conventional PMI runs 0.3-1.5% yearly but drops at 20% equity.

Question 3

Which loan works better for multi-unit properties?

Accepted Answer

Both allow up to 4 units. FHA requires you live in one unit and has stricter condition standards than conventional.

Question 4

What credit score do I really need for conventional?

Accepted Answer

620 minimum gets you approved. 740+ unlocks the lowest rates and cheapest PMI pricing from most lenders.

Question 5

Can I refinance out of FHA mortgage insurance later?

Accepted Answer

Yes, refinance to conventional once you hit 20% equity. That's the only way to drop FHA's lifetime insurance premium.

Conventional vs FHA Loans in West Hollywood: Which Fits Your Budget?