Question 1

Can I switch from FHA to Conventional later?

Accepted Answer

Yes. Once you build enough equity, you can refinance into a Conventional loan. That removes the FHA mortgage insurance requirement.

Question 2

Which loan has lower mortgage insurance costs?

Accepted Answer

Conventional PMI is almost always cheaper for borrowers with 700+ credit. FHA MIP adds both an upfront fee and a monthly premium.

Question 3

Do both loans work for condos in Loma Linda?

Accepted Answer

Conventional approves more condo projects. FHA requires the condo complex to be on an approved list, which limits your options.

Question 4

Is FHA always easier to qualify for?

Accepted Answer

Generally yes, especially for credit scores below 680. But FHA's added insurance costs can offset the easier qualification.

Question 5

What credit score do I need for a Conventional loan?

Accepted Answer

Lenders require at least 620. You'll get meaningfully better rates at 740 or above.

Question 6

Which loan is better for a first-time buyer in Loma Linda?

Accepted Answer

Depends on your credit and savings. FHA wins on low down payment; Conventional wins on long-term cost if your score qualifies.

Conventional vs FHA Loans in Loma Linda, CA