Question 1

Can I remove FHA mortgage insurance later?

Accepted Answer

On most FHA loans made after 2013, MIP stays for the life of the loan. The only exit is refinancing into a conventional loan once you have enough equity.

Question 2

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require at least 620. You'll need 740 or higher to access the best available rates. Rates vary by borrower profile and market conditions.

Question 3

Is FHA or conventional easier to qualify for?

Accepted Answer

FHA is more flexible on credit scores and debt-to-income ratios. Conventional requires stronger financials but costs less over time for well-qualified borrowers.

Question 4

Do FHA loan limits apply in Sonoma County?

Accepted Answer

Yes. FHA sets county-level loan limits. Sonoma County's higher home prices mean limits matter — check current FHA limits before assuming you're covered.

Question 5

Which loan has lower monthly payments?

Accepted Answer

It depends on your down payment and credit score. Conventional wins if you can avoid PMI. FHA can cost more monthly due to ongoing MIP. Run both scenarios.

Conventional vs FHA Loans in Sebastopol, CA