Question 1

Can I use an FHA loan to buy a rental in Woodlake?

Accepted Answer

No. FHA requires owner-occupancy. You must live in the home as your primary residence.

Question 2

Does conventional or FHA have better rates?

Accepted Answer

Conventional rates beat FHA for borrowers with strong credit. FHA often wins below 680. Rates vary by borrower profile and market conditions.

Question 3

How long does FHA mortgage insurance last?

Accepted Answer

On most FHA loans with less than 10% down, MIP stays for the life of the loan. It doesn't cancel like conventional PMI does.

Question 4

What's the minimum down payment for each loan?

Accepted Answer

FHA requires 3.5% with a 580+ score. Conventional starts at 3% but PMI applies until you reach 20% equity.

Question 5

Which loan is easier to qualify for in Tulare County?

Accepted Answer

FHA is more forgiving on credit and debt ratios. Conventional requires stronger overall financials to get approved.

Conventional vs FHA Loans in Woodlake, CA