Question 1

Can I remove FHA mortgage insurance later?

Accepted Answer

Not easily. FHA MIP stays for the life of most loans. Refinancing into a conventional loan is usually the only way out.

Question 2

Which loan do sellers prefer in Cloverdale?

Accepted Answer

Most sellers prefer conventional offers. FHA appraisals have stricter property conditions, which can create complications.

Question 3

What's the minimum credit score for each loan?

Accepted Answer

Conventional requires 620. FHA allows 580 with 3.5% down, or 500 with 10% down.

Question 4

Is the down payment really lower with FHA?

Accepted Answer

FHA requires 3.5% down at 580 credit. Conventional allows 3% down but requires stronger credit to qualify.

Question 5

Which loan has lower monthly payments?

Accepted Answer

It depends on your rate and mortgage insurance costs. We run both side-by-side for every borrower before recommending one.

Question 6

Do FHA loan limits apply in Sonoma County?

Accepted Answer

Yes. FHA sets county-level loan limits. Confirm current Sonoma County limits with us before assuming you qualify.

Conventional vs FHA Loans in Cloverdale, CA