Question 1

What credit score do I need for a conventional loan in Fortuna?

Accepted Answer

Lenders require a 620 minimum. Scores above 740 get the best rate tiers and lowest PMI costs.

Question 2

Can I buy a rural Fortuna property with a conventional loan?

Accepted Answer

Yes, but lenders scrutinize rural properties more closely. Septic systems and acreage can affect eligibility.

Question 3

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

Accepted Answer

As little as 3% for qualified buyers. Hit 20% and you avoid PMI altogether.

Question 4

How does a conventional loan compare to FHA in Humboldt County?

Accepted Answer

Conventional PMI cancels at 20% equity. FHA mortgage insurance typically stays for the loan's life.

Question 5

Is a fixed or adjustable rate better for Fortuna buyers right now?

Accepted Answer

It depends on your timeline. ARMs offer lower initial rates but carry risk if you hold long-term. Rates vary by borrower profile and market conditions.

Question 6

What is the conforming loan limit for Humboldt County?

Accepted Answer

Humboldt County follows the standard conforming limit. Most Fortuna purchase prices fall comfortably within that range.

Conventional Loans in Fortuna, CA