Question 1

What's the FHA loan limit in San Diego County?

Accepted Answer

FHA sets county-level limits that cap your borrowing. In San Diego County, those limits may fall short of typical Del Mar prices.

Question 2

Can I cancel FHA mortgage insurance?

Accepted Answer

If you put down less than 10%, FHA MIP stays for the loan's life. You'd need to refinance into a conventional loan to remove it.

Question 3

Which loan has a lower down payment?

Accepted Answer

FHA allows 3.5% down with a 580 credit score. Conventional goes as low as 3%, but requires a stronger overall borrower file.

Question 4

Does conventional require mortgage insurance?

Accepted Answer

Yes, if you put down less than 20%. But conventional PMI cancels automatically once you hit 20% equity — unlike FHA MIP.

Question 5

Which loan is better for a Del Mar purchase?

Accepted Answer

Most Del Mar buyers with solid credit do better with conventional. FHA limits and permanent MIP make it costlier at Del Mar price points.

Question 6

What credit score do I need for each loan?

Accepted Answer

FHA requires 580 for 3.5% down. Conventional typically starts at 620, but you want 700+ to get competitive pricing.

Conventional vs FHA Loans in Del Mar, CA