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 the MIP. Many Benicia buyers use FHA as a stepping stone.

Question 2

Which loan has lower monthly payments?

Accepted Answer

Depends on your rate and insurance costs. Conventional often wins long-term, but FHA can have lower payments early if your rate is significantly better.

Question 3

Does FHA have a loan limit in Solano County?

Accepted Answer

Yes. FHA sets county-level limits that cap how much you can borrow. Solano County has its own limit — confirm the current figure with us before shopping.

Question 4

What credit score do I need for conventional?

Accepted Answer

Most lenders require at least 620. To get competitive rates, aim for 700 or higher. Below 680, FHA may actually price out better.

Question 5

Is FHA harder to get approved on a condo purchase?

Accepted Answer

Yes. The condo complex must be FHA-approved. In Benicia, not every complex qualifies — conventional has no such restriction.

Conventional vs FHA Loans in Benicia, CA