Question 1

Can I use FHA to buy in Hesperia?

Accepted Answer

Yes. FHA loans work in San Bernardino County. Just confirm the purchase price falls within current county loan limits.

Question 2

Does conventional or FHA have better rates?

Accepted Answer

Conventional rates are usually lower for borrowers above 700. Rates vary by borrower profile and market conditions.

Question 3

Can I cancel FHA mortgage insurance?

Accepted Answer

Not on most 30-year FHA loans originated after 2013. You'd need to refinance into a conventional loan to drop the MIP.

Question 4

What's the minimum down payment for conventional?

Accepted Answer

Some conventional programs allow 3% down. You'll pay PMI until you reach 20% equity in the home.

Question 5

Which loan is easier to qualify for?

Accepted Answer

FHA is more forgiving on credit and debt ratios. Conventional sets a higher bar but rewards strong borrowers with better long-term costs.

Conventional vs FHA Loans in Hesperia, CA