Question 1

Can I put more than 3.5% down on an FHA loan?

Accepted Answer

Yes, but the upfront insurance premium stays at 1.75% either way. Higher down payments don't reduce FHA's ongoing insurance costs.

Question 2

What credit score do I really need for conventional in Yuba City?

Accepted Answer

Most lenders want 620 minimum. You'll see better pricing at 680 and excellent rates above 740.

Question 3

Does FHA mortgage insurance ever cancel?

Accepted Answer

Only if you refinance to conventional or put down 10%+ and wait 11 years. Most borrowers refinance instead.

Question 4

Which loan type closes faster?

Accepted Answer

Both take similar timeframes. FHA requires more property inspections but otherwise moves at the same pace.

Question 5

Can I use FHA or conventional for a condo in Yuba City?

Accepted Answer

Both work. FHA requires the complex be on their approved list. Conventional has more flexible condo guidelines.

Conventional vs FHA Loans in Yuba City: Which Fits Your Budget?