Question 1

Can I use FHA or conventional for a Camarillo condo?

Accepted Answer

Both work, but the condo complex must be on the FHA-approved list for FHA financing. Conventional loans have fewer condo restrictions and approve projects faster.

Question 2

Which loan type offers better rates in Camarillo right now?

Accepted Answer

Rates vary by borrower profile and market conditions. Conventional typically beats FHA for buyers with 700+ credit, while FHA rates stay competitive for scores below 680.

Question 3

How much does FHA mortgage insurance add to my monthly payment?

Accepted Answer

On a $600,000 loan, annual MIP of 0.55% adds about $275 per month. The 1.75% upfront premium adds $10,500 to your loan balance at closing.

Question 4

Can I switch from FHA to conventional after buying?

Accepted Answer

Yes, refinance to conventional once you have 20% equity. This drops mortgage insurance and often lowers your rate if your credit improved since purchase.

Question 5

Do both loan types allow seller concessions in Camarillo?

Accepted Answer

FHA allows up to 6% seller concessions. Conventional caps concessions at 3-9% depending on down payment size, with lower down payments getting smaller limits.

Conventional vs FHA Loans in Camarillo: Which Financing Fits Your Buy?