Question 1

Can I switch from FHA to Conventional later?

Accepted Answer

Yes. Once you have enough equity, you can refinance into a Conventional loan and drop mortgage insurance. Many Rialto buyers do this.

Question 2

Which loan has lower rates in Rialto?

Accepted Answer

FHA rates often come in slightly lower. But FHA mortgage insurance raises your actual monthly cost. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for each loan?

Accepted Answer

Conventional requires 620 minimum. FHA allows 580 with 3.5% down, or as low as 500 with 10% down.

Question 4

Does FHA work for investment properties in Rialto?

Accepted Answer

No. FHA requires owner occupancy. You must live in the home as your primary residence.

Question 5

Which loan is faster to close?

Accepted Answer

Conventional typically closes faster. FHA requires a government appraisal with stricter property condition standards.

Question 6

Can gift funds cover my down payment?

Accepted Answer

FHA allows 100% of the down payment to come from gift funds. Conventional has stricter rules depending on how much you put down.

Conventional vs FHA Loans in Rialto, CA