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Conventional Loans in Susanville
Susanville's housing stock tilts toward older single-family homes where conventional loans handle appraisal quirks better than FHA. Lassen County properties sometimes need extra underwriting time due to limited comps.
This loan type works best for Susanville buyers with stable income and 5% down minimum. Rural location doesn't disqualify you—lenders care more about your credit and employment than zip code.
You need 620 credit minimum, but 680+ unlocks better rates. Most Susanville approvals happen with 3-5% down for first-time buyers, 10-15% for repeat purchasers.
Debt-to-income ratio maxes at 45% with compensating factors like reserves or high credit score. Lenders verify two years of employment—job gaps raise flags unless you explain them upfront.
Most wholesale lenders cover Lassen County, but rural delivery fees sometimes add $300-500 to closing costs. Credit unions based in Redding or Reno often waive these fees for members.
Processing takes 25-35 days in Susanville versus 21 days in metro markets. Appraisers drive from Reno or Chico, which extends timelines. Lock your rate for 45 days minimum to avoid extensions.
Susanville deals fall apart most often over appraisal gaps, not credit issues. Sellers here expect full-price offers, but homes built before 1980 rarely appraise without negotiation.
Skip FHA unless your credit sits below 640. Conventional costs less monthly even with PMI because Lassen County FHA premiums last the loan's life. You'll pay $80-120 less per month on a $250k purchase.
FHA allows 580 credit with 3.5% down, but mortgage insurance costs 0.85% annually for life. Conventional PMI drops when you hit 20% equity—usually 5-7 years in Susanville's slow-growth market.
Jumbo loans don't apply here since Lassen County homes max around $400k. Adjustable-rate mortgages save 0.5% upfront but risk payment shock if you stay past year seven.
California Correctional Center and High Desert State Prison employ 40% of Susanville buyers we see. Steady government income makes conventional approval straightforward if debt ratios work.
Well and septic inspections add $600-900 to due diligence costs outside city limits. Lenders require clean water tests and functioning septic certifications before funding—budget two weeks for results.
620 minimum, but you'll pay high rates. 680+ unlocks competitive pricing and lower monthly payments across most lenders.
3% minimum for first-time buyers, 5% for repeat purchasers. Most local buyers put down 5-10% to avoid jumbo PMI rates.
Yes, if the home has road access and utilities. Well/septic properties need inspections, but rural location doesn't disqualify you.
25-35 days typical due to appraiser travel time. Lock your rate for 45 days to avoid extension fees if inspections delay closing.
Conventional saves $80-120 monthly on typical purchases here. FHA only makes sense if your credit score falls below 640.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.