Question 1

Which loan has a lower down payment in Colfax?

Accepted Answer

FHA requires 3.5% down with a 580+ credit score. Conventional can go as low as 3% but requires stronger credit and income.

Question 2

Can I cancel mortgage insurance on an FHA loan?

Accepted Answer

In most cases, FHA MIP lasts the life of the loan if you put down less than 10%. Refinancing to conventional later is often the exit.

Question 3

Which loan has better rates in Placer County?

Accepted Answer

FHA rates are often slightly lower, but the added MIP costs can offset that. Rates vary by borrower profile and market conditions.

Question 4

Does Colfax have FHA loan limits I should know about?

Accepted Answer

Yes. Placer County FHA limits cap how much you can borrow. We check current limits for every deal — ask us for the exact figure.

Question 5

Which loan is faster to close in Colfax?

Accepted Answer

Both close in similar timelines. FHA appraisals have stricter property condition standards, which can slow things if the home needs work.

Question 6

Can I use gift funds for the down payment on either loan?

Accepted Answer

FHA allows 100% of the down payment to come from gifts. Conventional rules on gift funds vary by down payment size and loan type.

Conventional vs FHA Loans in Colfax, CA