Question 1

Can I use FHA for a cabin or vacation home in Markleeville?

Accepted Answer

No. FHA requires primary residence occupancy. You must live in the home as your main residence to qualify for FHA financing.

Question 2

What credit score gets the best conventional rates?

Accepted Answer

Scores of 740+ unlock the lowest rates and cheapest PMI. The gap between 740 and 680 can cost 0.25-0.5% in rate.

Question 3

Does FHA mortgage insurance ever cancel?

Accepted Answer

Only if you put down 10% or more—then it drops after 11 years. With 3.5% down, MIP stays for 30 years.

Question 4

Which loan closes faster in Alpine County?

Accepted Answer

Both take 30-45 days typically. FHA requires additional property inspections that can add 5-7 days if repairs are needed.

Question 5

Can I switch from FHA to conventional later?

Accepted Answer

Yes. Many borrowers refinance to conventional once they reach 20% equity and 680+ credit to eliminate mortgage insurance.

Conventional vs FHA Loans in Markleeville: Which Loan Fits Your Alpine County Home Purchase?