Question 1

What credit score do I need for each loan?

Accepted Answer

FHA requires 580 for 3.5% down. Conventional lenders typically require 620 minimum, with the best rates at 740+.

Question 2

Can I cancel mortgage insurance on an FHA loan?

Accepted Answer

On most FHA loans originated after 2013, MIP lasts the full loan term. You'd need to refinance into conventional to remove it.

Question 3

Which loan has a lower down payment?

Accepted Answer

FHA allows 3.5% down with a 580 score. Conventional goes as low as 3%, but requires stronger credit to qualify.

Question 4

Are there loan limits I need to worry about in Irvine?

Accepted Answer

FHA has county-level caps in Orange County. If the purchase price exceeds that limit, conventional or jumbo is your alternative.

Question 5

Which loan is cheaper long-term in Irvine?

Accepted Answer

For strong borrowers, conventional usually wins over time. Eliminating MIP can save significantly on high-value Irvine homes.

Question 6

Can I use either loan for a condo in Irvine?

Accepted Answer

Both work for condos, but FHA requires the complex to be FHA-approved. Conventional has broader condo eligibility.

Conventional vs FHA Loans in Irvine, CA