Question 1

What is the conforming loan limit for El Dorado County?

Accepted Answer

El Dorado County follows the standard conforming limit set by the FHFA each year. Check current limits before assuming your loan amount qualifies.

Question 2

Can I use a conforming loan on a property with a well and septic?

Accepted Answer

Yes, but the property must pass inspection requirements. Not all lenders handle well and septic files well — experience matters here.

Question 3

How much do I need to put down on a conforming loan?

Accepted Answer

First-time buyers can put as little as 3% down. Repeat buyers typically need at least 5%.

Question 4

Will I pay PMI on a conforming loan?

Accepted Answer

Yes, if you put less than 20% down. PMI cancels once you reach 20% equity — unlike FHA mortgage insurance.

Question 5

Is a conforming loan better than FHA in Placerville?

Accepted Answer

For borrowers with 620+ credit and stable income, usually yes. Conforming costs less over time if you qualify.

Question 6

How long does a conforming loan take to close?

Accepted Answer

Typically 21 to 30 days. Rural properties and complex appraisals can add time in El Dorado County.

Conforming Loans in Placerville, CA