Question 1

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require at least 620. You'll need 740 or higher to get the best rates and terms.

Question 2

Can I use an FHA loan to buy in Belvedere?

Accepted Answer

Technically yes, but Marin County's FHA loan limit may be below Belvedere home prices. Confirm the limit before you count on it.

Question 3

Which loan has lower monthly payments?

Accepted Answer

Conventional usually wins long-term. FHA's permanent mortgage insurance adds cost that compounds over years. Rates vary by borrower profile and market conditions.

Question 4

Can I remove mortgage insurance from an FHA loan?

Accepted Answer

Not easily. Most FHA loans carry MIP for the life of the loan. You'd need to refinance into a conventional loan to remove it.

Question 5

What is the minimum down payment for each loan?

Accepted Answer

FHA requires 3.5% with a 580+ score. Conventional goes as low as 3%, but better terms kick in at 10% or 20% down.

Question 6

Which loan is better for first-time buyers in Belvedere?

Accepted Answer

It depends on your credit and savings. FHA forgives weaker credit, but Belvedere prices often exceed FHA limits — conventional may be your only path.

Conventional vs FHA Loans in Belvedere, CA