Question 1

Can I use FHA for a vacation condo in Mammoth Lakes?

Accepted Answer

No. FHA requires the property be your primary residence. Vacation homes and second homes don't qualify under any circumstances.

Question 2

Which loan has lower monthly payments?

Accepted Answer

Conventional typically costs less monthly once you factor in mortgage insurance. FHA's insurance premiums last the loan's entire life on 3.5% down purchases.

Question 3

Do Mammoth Lakes condos qualify for FHA?

Accepted Answer

Only if the specific project has FHA approval. Most Mammoth developments aren't approved, limiting your options significantly compared to conventional financing.

Question 4

What credit score do I actually need for conventional?

Accepted Answer

You can get approved at 620, but rates drop substantially at 680 and again at 740. The pricing difference often exceeds what FHA offers.

Question 5

How much down payment do I need for a second home?

Accepted Answer

Conventional requires 10% minimum for second homes. You can't use FHA at all for vacation properties in Mammoth Lakes.

Conventional vs FHA Loans in Mammoth Lakes: Which Fits Your Mountain Property Purchase?