Question 1

What is the FHA loan limit in San Diego County?

Accepted Answer

The FHA limit in San Diego County is $1,077,550. Coronado prices often push buyers past that ceiling.

Question 2

Can I remove FHA mortgage insurance later?

Accepted Answer

Not by making payments alone. You'd need to refinance into a conventional loan to eliminate FHA mortgage insurance premiums.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a 620 minimum. Rates improve significantly once you're above 740.

Question 4

Is FHA worth it if I can qualify for conventional?

Accepted Answer

Rarely. FHA's permanent mortgage insurance usually makes it more expensive over time than conventional with PMI.

Question 5

Can I use either loan for a condo in Coronado?

Accepted Answer

Possibly, but FHA has stricter condo approval rules. The building must be on the FHA-approved list.

Question 6

Which loan is better for a lower down payment?

Accepted Answer

FHA allows 3.5% down at 580 credit. Conventional allows 3% down but requires stronger credit and carries PMI.

Conventional vs FHA Loans in Coronado, CA