Question 1

What credit score do I need for each loan?

Accepted Answer

Conventional requires at least 620. FHA allows scores as low as 580 with 3.5% down.

Question 2

Can I use FHA on older Jamestown homes?

Accepted Answer

FHA appraisers flag property condition issues strictly. Older Gold Country homes sometimes fail FHA inspection without repairs.

Question 3

Which loan has lower mortgage insurance costs?

Accepted Answer

Conventional PMI is typically cheaper and removable. FHA MIP costs more over time and usually can't be canceled.

Question 4

How do down payment requirements compare?

Accepted Answer

FHA requires 3.5% down at 580+ credit. Conventional can go as low as 3%, but requires stronger credit to qualify.

Question 5

Can I refinance from FHA to conventional later?

Accepted Answer

Yes. Many borrowers start with FHA and refinance once their equity and credit improve to drop mortgage insurance.

Question 6

Which loan closes faster in Tuolumne County?

Accepted Answer

Conventional loans generally move faster. FHA adds an extra appraisal layer that can slow closing timelines.

Conventional vs FHA Loans in Jamestown, CA