Question 1

What is the FHA loan limit in San Francisco County?

Accepted Answer

SF County qualifies for high-cost FHA limits. Check current caps before assuming FHA covers your purchase price.

Question 2

Can I cancel FHA mortgage insurance?

Accepted Answer

On most FHA loans originated after 2013, MIP lasts the full loan term. The only exit is refinancing into a conventional loan.

Question 3

Does conventional always require 20% down?

Accepted Answer

No. Conventional loans allow as little as 3% down. You will pay PMI until you reach 20% equity.

Question 4

Which loan is easier to get approved for in SF?

Accepted Answer

FHA is generally more flexible on credit and debt ratios. Conventional approval tightens significantly below a 680 credit score.

Question 5

Are FHA loans competitive in San Francisco's market?

Accepted Answer

Some sellers prefer conventional offers. In competitive SF bidding, FHA appraisal requirements can occasionally complicate offers.

Question 6

Which loan has lower monthly payments?

Accepted Answer

It depends on your rate, down payment, and MIP costs. Rates vary by borrower profile and market conditions — run both scenarios side by side.

Conventional vs FHA Loans in San Francisco