Question 1

Can I put 3% down with a conventional loan?

Accepted Answer

Yes — programs like Fannie Mae's HomeReady allow 3% down. You'll need solid credit and income to qualify.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

Not on most FHA loans originated today. You'd need to refinance into a conventional loan to eliminate it.

Question 3

Which loan has a higher limit in Stanislaus County?

Accepted Answer

Both conventional and FHA use conforming loan limits set annually. Check current Stanislaus County limits before assuming either fits your price point.

Question 4

Can I use FHA to buy a rental property in Riverbank?

Accepted Answer

No. FHA requires you to live in the home. Conventional is the only option here for investment purchases.

Question 5

Which loan is faster to close?

Accepted Answer

Conventional typically closes faster. FHA appraisals have stricter property condition requirements that can slow things down.

Question 6

What credit score gets me the best conventional rate?

Accepted Answer

Lenders tier pricing at 620, 660, 700, and 740+. A 740+ score puts you in the top rate tier. Rates vary by borrower profile and market conditions.

Conventional vs FHA Loans in Riverbank, CA