Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes — refinancing into conventional once you have 20% equity removes FHA mortgage insurance. Many borrowers do this within a few years.

Question 2

Which loan has a lower down payment in Fairfield?

Accepted Answer

Both can go as low as 3-3.5%. FHA requires 3.5% at 580+ credit. Conventional allows 3% for qualifying first-time buyers.

Question 3

Does FHA or conventional allow higher debt ratios?

Accepted Answer

FHA allows DTI up to 57% in some cases. Conventional lenders typically cap around 45%. Higher debt loads usually point toward FHA.

Question 4

Which loan is faster to close?

Accepted Answer

Both close in similar timelines. FHA requires an FHA-approved appraiser, which can add a day or two in some cases.

Question 5

Is conventional always cheaper than FHA?

Accepted Answer

Not always. At lower credit scores, FHA rates can beat conventional. At 740+, conventional almost always wins on total cost.

Question 6

Do FHA loan limits cover most Fairfield home prices?

Accepted Answer

FHA limits in Solano County are set annually and cover most typical Fairfield price points. Higher-priced purchases may require conventional financing.

Conventional vs FHA Loans in Fairfield, CA