Question 1

Can I use an FHA loan to buy in Chino?

Accepted Answer

Yes. FHA loans work on standard single-family homes in Chino. San Bernardino County FHA loan limits apply.

Question 2

Which loan has lower monthly payments?

Accepted Answer

Depends on your credit and down payment. FHA MIP often makes monthly costs higher despite a similar rate.

Question 3

Can I cancel FHA mortgage insurance?

Accepted Answer

Usually not without refinancing. Most FHA loans originated after 2013 carry MIP for the full loan term.

Question 4

What credit score do I need for conventional?

Accepted Answer

Most lenders require at least 620. Better pricing kicks in around 700 and improves significantly at 740+.

Question 5

Which loan closes faster in Chino?

Accepted Answer

Both take similar time. FHA requires an FHA-approved appraisal, which can add a step if the property has condition issues.

Question 6

Can sellers pay closing costs on either loan?

Accepted Answer

Yes. FHA allows up to 6% seller concessions. Conventional caps it at 3% with less than 10% down.

Conventional vs FHA Loans in Chino, CA