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. That's a common move for Rio Vista buyers who start with FHA.

Question 2

Which loan has lower monthly payments?

Accepted Answer

It depends on your credit score and down payment. Strong credit with 10%+ down usually means lower payments on conventional.

Question 3

Does FHA work for Rio Vista's home prices?

Accepted Answer

Solano County FHA loan limits apply here. Most Rio Vista homes fall within those limits, so FHA financing is typically available.

Question 4

Is the FHA upfront mortgage premium refundable?

Accepted Answer

Partially, if you refinance within three years using another FHA loan. Otherwise, it's a sunk cost at closing.

Question 5

What credit score gets the best conventional rate?

Accepted Answer

Lenders price their best conventional rates at 740 and above. Below 700, the rate advantage over FHA shrinks fast.

Question 6

Can I use gift funds for either down payment?

Accepted Answer

Yes on both. FHA allows 100% gift funds for the down payment. Conventional may require some of your own funds depending on the loan.

Conventional vs FHA Loans in Rio Vista, CA