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in Susanville, CA
Susanville is a small market. That changes how lenders look at your file. Both conventional and FHA loans are available here — but they fit very different borrowers.
HousingWire flagged the 30-year fixed hitting 6.57% recently. At that rate level, your down payment and credit score matter more than ever. Rates vary by borrower profile and market conditions.
Conventional loans aren't backed by the government. That means lenders set stricter requirements — but also offer more flexibility on property types and loan structure.
You'll need a 620 minimum credit score. Strong borrowers with 740+ scores get the best pricing. Put down 20% and you skip mortgage insurance entirely.
FHA loans are insured by the federal government. That backstop lets lenders approve borrowers that conventional underwriting would reject.
You can qualify with a 580 credit score and just 3.5% down. Drop below 580 and you'll need 10% down. Mortgage insurance is required for the life of the loan in most cases.
Mortgage insurance is the biggest cost difference. FHA charges it regardless of your equity. Conventional PMI drops off once you hit 20% equity.
FHA has loan limits set by county. Lassen County limits cap what you can borrow. Conventional conforming limits are higher, giving more room in that price range.
Pick FHA if your credit score is under 680 or your down payment is tight. It's a real path to ownership when conventional lenders say no.
Pick conventional if your score is 740+ and you can put down 10-20%. You'll pay less over time without permanent mortgage insurance dragging on your payment.
FHA requires just 3.5% down with a 580 score. Conventional can go as low as 3%, but only for very strong credit profiles.
Not easily. FHA mortgage insurance stays for the life of the loan if you put down less than 10%. Refinancing to conventional later is the usual exit.
FHA accepts 580 with 3.5% down. Conventional requires 620 minimum, but you want 740+ for the best rate.
FHA limits in Lassen County cap how much you can borrow. If the home price pushes past that cap, conventional is your only conforming option.
FHA has shorter mandatory waiting periods after major credit events. That makes it the faster path back to qualifying after financial hardship.
Yes. FHA has strict property condition standards — the home must meet HUD guidelines. Conventional appraisals are less restrictive on condition.