Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes. Many San Bernardino buyers refinance out of FHA once they hit 20% equity. That move eliminates the mortgage insurance premium.

Question 2

Which loan has lower monthly payments?

Accepted Answer

It depends on your down payment and credit. FHA's required mortgage insurance often makes it pricier monthly than a conventional loan.

Question 3

Does FHA allow gifts for the down payment?

Accepted Answer

Yes, 100% of the FHA down payment can come from a gift. Conventional loans allow gifts too, but rules vary by down payment size.

Question 4

What credit score do I need for conventional?

Accepted Answer

Most lenders require at least a 620. Better scores — 740 and above — get the best conventional pricing. Rates vary by borrower profile and market conditions.

Question 5

Is FHA harder to use on a fixer-upper?

Accepted Answer

FHA has strict property condition requirements. The home must meet minimum standards — failing that, you'd need an FHA 203k rehab loan.

Conventional vs FHA Loans in San Bernardino