Question 1

Can I use an FHA loan for a vacation home in Fort Bragg?

Accepted Answer

No. FHA loans are for primary residences only. You'd need a conventional loan for a second home or vacation property.

Question 2

Does FHA mortgage insurance ever go away?

Accepted Answer

Not if you put less than 10% down. You'd need to refinance into a conventional loan once you build enough equity.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require at least a 620. Better rates typically start at 740 and above.

Question 4

Which loan has lower monthly payments in Fort Bragg?

Accepted Answer

It depends on your down payment and credit. Conventional often wins long-term once mortgage insurance is removed.

Question 5

Can I put 3% down on a conventional loan?

Accepted Answer

Yes. Some conventional programs allow 3% down. You'll pay PMI until you reach 20% equity, but it's cancellable.

Question 6

Are FHA loan limits high enough for Mendocino County?

Accepted Answer

FHA sets county-level loan limits. Check current Mendocino County limits before assuming FHA covers your purchase price.

Conventional vs FHA Loans in Fort Bragg, CA