Question 1

Which loan has a lower down payment in Fontana?

Accepted Answer

Both can go as low as 3-3.5% down. FHA requires 3.5% at 580+ credit. Conventional allows 3% for qualified first-time buyers.

Question 2

Can I switch from FHA to conventional later?

Accepted Answer

Yes. Once you have enough equity, many Fontana homeowners refinance into conventional to drop mortgage insurance.

Question 3

Which loan is easier to get approved for?

Accepted Answer

FHA is more flexible. It accepts lower credit scores and higher debt-to-income ratios than most conventional programs.

Question 4

Do FHA loans have higher rates than conventional?

Accepted Answer

Not always. FHA rates can be comparable or lower. Rates vary by borrower profile and market conditions — the real cost difference is in mortgage insurance.

Question 5

Which loan works better for a Fontana fixer-upper?

Accepted Answer

FHA has a 203k rehab version built for this. Conventional rehab options exist but are harder to qualify for.

Conventional vs FHA Loans in Fontana, CA