Question 1

Can I use an FHA loan for a Sunnyvale condo?

Accepted Answer

Yes, but the condo complex must be FHA-approved. Many Santa Clara County complexes aren't on that list — check before you make an offer.

Question 2

What credit score do I need for conventional?

Accepted Answer

Lenders require a minimum 620 score. To get competitive rates in Sunnyvale's price range, aim for 700 or higher.

Question 3

Does FHA have a loan limit in Santa Clara County?

Accepted Answer

Yes. FHA loan limits are set by county and cap lower than conventional conforming limits. High Sunnyvale prices can push you past FHA limits fast.

Question 4

How long does FHA mortgage insurance last?

Accepted Answer

With less than 10% down, FHA mortgage insurance stays for the life of the loan. You'd need to refinance into conventional to remove it.

Question 5

Which loan closes faster — conventional or FHA?

Accepted Answer

Conventional typically closes faster. FHA requires a stricter property appraisal, which can slow things down if the home has condition issues.

Question 6

Can I switch from FHA to conventional later?

Accepted Answer

Yes. Once you build enough equity and improve your credit, refinancing into conventional removes the permanent FHA mortgage insurance.

Conventional vs FHA Loans in Sunnyvale, CA