Question 1

What's the monthly payment on a $750,000 conforming loan in Mammoth Lakes?

Accepted Answer

At 5.875% APR on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, insurance, and HOA fees on top. The full scenario: $937,500 purchase, $187,500 down (20% LTV), 740 FICO, 30-day lock, priced April 9, 2026.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

Yes — 20% down (80% LTV) is the only way to skip PMI on a conforming loan. Put down 15% and you'll carry PMI until you hit 78% LTV through appreciation or extra payments. At 20%, there's no PMI and no rate penalty.

Question 3

What credit score do I need for a conforming loan in Mammoth Lakes?

Accepted Answer

The minimum is 620 FICO, but 740+ gets the best rates and terms. At 740, you qualify for the pricing shown here. Below 680, expect rate adjustments and tighter underwriting. Lenders pull all three credit bureaus.

Question 4

How long does it take to close a conforming loan here?

Accepted Answer

Conforming loans close in 30-45 days in Mono County. Appraisals take 7-10 days. Title work is standard. If you lock a 30-day rate, you have time to spare. Seasonal weather can slow appraisals in winter.

Question 5

Is FHA cheaper than conforming in Mammoth Lakes?

Accepted Answer

FHA runs a lower rate but charges mortgage insurance for life if you put down less than 10%. At 15% down, conforming's no-PMI advantage at 20% down beats FHA's rate savings. Call for FHA quotes to compare your specific scenario.

Conforming 30-year fixed mortgages in Mammoth Lakes at 5.875%