Question 1

Which loan has a lower down payment in Chowchilla?

Accepted Answer

FHA requires 3.5% down with a 580+ score. Conventional starts at 3% down but demands stronger credit to qualify.

Question 2

Can I drop mortgage insurance on an FHA loan?

Accepted Answer

Not easily. Most FHA loans carry MIP for the full loan term. Refinancing into conventional is the cleanest exit.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require at least 620. Rates improve significantly once you're above 700 or 740.

Question 4

Is FHA or conventional cheaper monthly?

Accepted Answer

Depends on your credit and down payment. FHA MIP adds to monthly cost — conventional often wins for well-qualified buyers.

Question 5

Can I use either loan to buy in Madera County?

Accepted Answer

Yes. Both conventional and FHA loans are available for property purchases in Chowchilla and throughout Madera County.

Question 6

Which loan is easier to qualify for?

Accepted Answer

FHA is more flexible on credit history and debt-to-income ratio. Conventional sets a higher bar but rewards you with lower long-term costs.

Conventional vs FHA Loans in Chowchilla, CA