Question 1

Which loan has a lower down payment?

Accepted Answer

FHA requires 3.5% down with a 580+ score. Conventional goes as low as 3% but demands stronger credit.

Question 2

Can I drop mortgage insurance on an FHA loan?

Accepted Answer

Not without refinancing. FHA MIP sticks for the life of the loan if you put less than 10% down.

Question 3

What credit score do I need for conventional?

Accepted Answer

Most lenders want at least 620. Better rates kick in at 700 and above.

Question 4

Does FHA work on older Needles homes?

Accepted Answer

FHA has property condition requirements. Older homes must pass an FHA appraisal — some fixer-uppers won't qualify.

Question 5

Which loan is faster to close?

Accepted Answer

Conventional typically closes faster. FHA appraisals have stricter standards and can add time.

Conventional vs FHA Loans in Needles, CA