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Alturas is Modoc County's county seat — a small, rural market where conventional loans are often the cleanest path to ownership.
HousingWire flagged the 30-year fixed hitting 6.57% with applications down 10.4% week-over-week. In a low-inventory rural market like Alturas, rate sensitivity still matters. Rates vary by borrower profile and market conditions.
620
Min Credit Score
3%
Min Down Payment
20%
PMI-Free Down Payment
6.57%*
30-Year Fixed (Ref.)
Conventional Loans in Alturas
Most lenders want a 620 credit score minimum for conventional. Strong borrowers at 740+ get the best pricing.
Down payment starts at 3% for first-time buyers. Put down 20% and you skip private mortgage insurance entirely.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Alturas.
Alturas is Modoc County's county seat — a small, rural market where conventional loans are often the cleanest path to ownership.
HousingWire flagged the 30-year fixed hitting 6.57% with applications down 10.4% week-over-week. In a low-inventory rural market like Alturas, rate sensitivity still matters. Rates vary by borrower profile and market conditions.
Most lenders want a 620 credit score minimum for conventional. Strong borrowers at 740+ get the best pricing.
Rural counties like Modoc get overlooked by big retail banks. Many won't touch small-balance loans on rural properties.
We work with 200+ wholesale lenders. Several specialize in rural California and price conventional loans competitively in markets like Alturas.
Property appraisals are the biggest friction point in Alturas deals. Rural appraisers have thin comparable sales data.
Low comps can push appraised value below purchase price. Build appraisal contingency into your offer. Don't skip it.
FHA loans allow lower credit scores but add mortgage insurance for the life of the loan on most terms. Conventional PMI drops off once you hit 20% equity.
ARMs can offer a lower starting rate. But in a rural market with uncertain appreciation, a fixed conventional loan gives you predictable payments without the rate risk.
Modoc County is a designated rural area. USDA loans are worth comparing if you qualify — but conventional is simpler and faster to close.
Property types in Alturas often include land, agricultural use, or outbuildings. Conventional guidelines on mixed-use rural parcels can be strict. Know the property type before you apply.
Yes, but lenders will scrutinize the property type. Acreage, ag zoning, or outbuildings can complicate approval.
Most lenders start at 620. You'll get meaningfully better rates at 740 or above.
PMI is required when you put down less than 20%. It cancels automatically once you reach 20% equity.
USDA has income limits and longer processing times. Conventional closes faster with fewer eligibility restrictions.
Alturas home prices are generally well below conforming loan limits. Jumbo loans are rarely needed here.