Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes. Once you build enough equity, you can refinance into a conventional loan and drop mortgage insurance. Many Manteca buyers do this after a few years.

Question 2

Which loan has higher loan limits in San Joaquin County?

Accepted Answer

Both conventional and FHA have set limits for San Joaquin County. Conventional conforming limits typically run higher than FHA limits in this area.

Question 3

Does FHA require a home inspection?

Accepted Answer

FHA requires an appraisal that meets HUD property standards. It's stricter than conventional. Older Manteca homes sometimes fail FHA appraisals.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most conventional lenders require at least 620. But the best rates start at 740 and above.

Question 5

Is the FHA down payment really only 3.5%?

Accepted Answer

Yes, with a 580 or higher credit score. Drop below 580 and lenders require 10% down on FHA.

Question 6

Which loan is faster to close in Manteca?

Accepted Answer

Conventional loans generally close faster. FHA appraisals add time, especially if the property needs repairs to meet HUD standards.

Conventional vs FHA Loans in Manteca, CA