Question 1

Which loan has a higher limit in Ventura County?

Accepted Answer

FHA's limit is $862,500 in Ventura County. Conventional conforming tops out at $806,500. Above that, you're in jumbo territory.

Question 2

Can I cancel mortgage insurance on an FHA loan?

Accepted Answer

Not easily. FHA MIP lasts the life of the loan if you put less than 10% down. Refinancing into conventional is usually the exit.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require at least 620 for conventional. But rates improve significantly at 700 and again above 740.

Question 4

Is FHA always cheaper for low down payment buyers?

Accepted Answer

Not always. Compare total MIP costs vs. conventional PMI over your expected hold time. FHA wins upfront — conventional often wins long-term.

Question 5

Which loan is faster to close in Thousand Oaks?

Accepted Answer

Conventional typically closes faster. FHA requires an FHA appraisal, which adds time and strict property condition requirements.

Question 6

Can I use gift funds for the down payment on either loan?

Accepted Answer

Yes on both. FHA allows 100% gift funds for the down payment. Conventional has more restrictions depending on how much you put down.

Conventional vs FHA Loans in Thousand Oaks, CA