Question 1

What credit score do I need for each loan type in Calimesa?

Accepted Answer

Conventional loans typically require 620 or higher. FHA loans may accept scores as low as 580 with 3.5% down, or 500-579 with 10% down.

Question 2

Can I remove mortgage insurance from an FHA loan?

Accepted Answer

FHA loans originated after 2013 require mortgage insurance for the loan's life if you put down less than 10%. Conventional PMI drops at 20% equity.

Question 3

Which loan type has lower interest rates?

Accepted Answer

Rates vary by borrower profile and market conditions. FHA rates are sometimes lower, but overall costs depend on insurance premiums and your specific situation.

Question 4

Are there property restrictions with FHA loans in Calimesa?

Accepted Answer

Yes, FHA loans require properties to meet minimum safety and livability standards. Conventional loans typically have fewer property restrictions.

Question 5

Can I use either loan type for a Calimesa investment property?

Accepted Answer

FHA loans require owner occupancy as your primary residence. Conventional loans offer more flexibility for investment properties and second homes.

Conventional Loans vs FHA Loans in Calimesa: Which Mortgage Is Right for You?