Question 1

Can I switch from FHA to conventional later?

Accepted Answer

Yes — once you have 20% equity, you can refinance into a conventional loan and drop the MIP. Many Exeter buyers use FHA to get in, then refinance.

Question 2

Which loan has a lower down payment in Exeter?

Accepted Answer

FHA requires 3.5% with a 580 score. Conventional goes as low as 3%, but requires stronger credit to qualify at that tier.

Question 3

Does FHA have loan limits in Tulare County?

Accepted Answer

Yes. FHA sets county-level loan limits. Tulare County limits apply, so confirm the current cap before writing an offer.

Question 4

Which loan is easier to qualify for?

Accepted Answer

FHA is easier. It accepts lower credit scores and higher debt-to-income ratios. Conventional underwriting is stricter on both counts.

Question 5

Is conventional always cheaper than FHA?

Accepted Answer

Not always. With a low down payment and average credit, FHA rates can beat conventional. Run both scenarios side-by-side before deciding.

Question 6

Do both loans work for Exeter properties?

Accepted Answer

Generally yes. FHA has property condition requirements — homes must meet minimum standards. Fixer-uppers may need repairs before FHA will fund.

Conventional vs FHA Loans in Exeter, CA