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in Loma Linda, CA
Two loan types dominate purchase transactions in Loma Linda. Conventional and FHA each serve different borrower profiles.
Bankrate shows rates at 6.19% this week — geopolitical pressure is moving markets. That makes choosing the right loan structure even more critical right now.
Conventional loans aren't government-backed. That means stricter credit standards, but also more flexibility in loan structure.
You'll need at least a 620 credit score. Strong borrowers with 740+ scores get the best pricing available.
FHA loans are insured by the federal government. That backing lets lenders approve borrowers with lower scores and smaller down payments.
You can put down 3.5% with a 580 score. Scores between 500–579 require 10% down.
The biggest cost difference is mortgage insurance. FHA charges it for the life of the loan if you put less than 10% down.
Conventional PMI cancels automatically at 80% loan-to-value. That saves Loma Linda buyers real money over time.
Pick FHA if your credit is below 680 or your down payment is tight. It's the more forgiving path to ownership.
Pick Conventional if your score is 700+ and you can put down at least 5%. You'll pay less over the life of the loan.
Yes. Once you build enough equity, you can refinance into a Conventional loan. That removes the FHA mortgage insurance requirement.
Conventional PMI is almost always cheaper for borrowers with 700+ credit. FHA MIP adds both an upfront fee and a monthly premium.
Conventional approves more condo projects. FHA requires the condo complex to be on an approved list, which limits your options.
Generally yes, especially for credit scores below 680. But FHA's added insurance costs can offset the easier qualification.
Lenders require at least 620. You'll get meaningfully better rates at 740 or above.
Depends on your credit and savings. FHA wins on low down payment; Conventional wins on long-term cost if your score qualifies.