Question 1

Can I use FHA to buy in Hemet?

Accepted Answer

Yes. FHA loans work for single-family homes and small multi-units in Hemet. The property must meet FHA condition standards.

Question 2

Which loan has a lower down payment?

Accepted Answer

Both go as low as 3-3.5% down. FHA requires 3.5% with a 580 score. Conventional can go to 3% with a 620 score.

Question 3

Does FHA mortgage insurance ever go away?

Accepted Answer

Not automatically on loans with under 10% down. You typically need to refinance into a conventional loan to remove it.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a 620 minimum. Rates improve significantly at 700 and again at 740.

Question 5

Which loan is faster to close?

Accepted Answer

Conventional and FHA close in similar timeframes. FHA appraisals have stricter property requirements, which can occasionally slow things down.

Question 6

Can I switch from FHA to conventional later?

Accepted Answer

Yes — refinancing into conventional once you have 20% equity removes mortgage insurance. Many Hemet buyers start FHA and refi when values rise.

Conventional vs FHA Loans in Hemet, CA