Question 1

Which loan has lower monthly payments in Larkspur?

Accepted Answer

It depends on your credit and down payment. Conventional usually wins with 20% down because there's no mortgage insurance.

Question 2

Can I use FHA to buy a fixer-upper in Larkspur?

Accepted Answer

FHA has strict property condition requirements. Many fixer-uppers fail the appraisal, which can kill the deal.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders want 620 minimum. You'll get the best rates at 740 or higher.

Question 4

Does FHA mortgage insurance ever go away?

Accepted Answer

On most FHA loans made after 2013, MIP stays for the life of the loan unless you put 10% down.

Question 5

Can I buy a condo in Larkspur with an FHA loan?

Accepted Answer

Only if the condo project is FHA-approved. Many Marin County HOAs are not on that approved list.

Question 6

Which loan is faster to close?

Accepted Answer

Conventional typically closes faster. FHA appraisal requirements add time, especially if repairs are flagged.

Conventional vs FHA Loans in Larkspur, CA