Question 1

Can I use a conventional loan on a rural property in Alturas?

Accepted Answer

Yes, but lenders will scrutinize the property type. Acreage, ag zoning, or outbuildings can complicate approval.

Question 2

What credit score do I need for a conventional loan here?

Accepted Answer

Most lenders start at 620. You'll get meaningfully better rates at 740 or above.

Question 3

Is PMI required on conventional loans in California?

Accepted Answer

PMI is required when you put down less than 20%. It cancels automatically once you reach 20% equity.

Question 4

How does conventional compare to USDA in Modoc County?

Accepted Answer

USDA has income limits and longer processing times. Conventional closes faster with fewer eligibility restrictions.

Question 5

Are loan limits an issue for Alturas home purchases?

Accepted Answer

Alturas home prices are generally well below conforming loan limits. Jumbo loans are rarely needed here.

Conventional Loans in Alturas, CA