Question 1

Can I use FHA on a rural Alturas property?

Accepted Answer

Yes. FHA works in rural areas including Modoc County. The property must meet FHA condition standards, which can be stricter than conventional.

Question 2

What credit score do I need for conventional?

Accepted Answer

Most lenders require 620 minimum. Better rates kick in at 700 and above.

Question 3

How long does FHA mortgage insurance last?

Accepted Answer

On most FHA loans with less than 10% down, MIP lasts the life of the loan. You'd need to refinance into conventional to remove it.

Question 4

Which loan has lower monthly payments?

Accepted Answer

It depends on your down payment and credit score. FHA may have a lower rate but adds MIP. Run both scenarios with a broker.

Question 5

Are there loan limits in Modoc County?

Accepted Answer

Yes. FHA and conventional both have county-level limits. Modoc County limits are lower than high-cost California counties.

Conventional vs FHA Loans in Alturas, CA