Question 1

What's the 2026 conforming loan limit in Monterey County?

Accepted Answer

The 2026 conforming limit is $994,750. FHA and VA loans share that ceiling. Loans above it are jumbo with different terms.

Question 2

Is Monterey County an FHA high-cost area?

Accepted Answer

Yes. Monterey County is FHA high-cost, so the FHA limit matches conforming at $994,750 for 2026.

Question 3

Is Monterey County a VA high-cost area?

Accepted Answer

Yes. VA loans in Monterey County follow the high-cost designation with the same $994,750 ceiling as conforming loans in 2026.

Question 4

How much down do I need on a conventional loan in Soledad?

Accepted Answer

Conventional loans typically require 5% to 20% down. At 20% down, you skip PMI. Below 20%, PMI applies until you reach 78% LTV.

Question 5

What credit score do I need to buy in Soledad?

Accepted Answer

Most conventional lenders want 620 or higher. FHA accepts 580 with 3.5% down. VA typically wants 620+. Jumbo often asks for 700+.

Question 6

Do I need to be a first-time buyer to use FHA in Soledad?

Accepted Answer

No. FHA is open to all buyers, not just first-time purchasers. The 3.5% down and mortgage insurance work for any experience level.

Question 7

How does the Monterey Jazz Festival affect Soledad home values?

Accepted Answer

The festival draws visitors and media attention to Monterey County annually. That visibility supports property values in nearby communities like Soledad.

Question 8

Can I get a VA loan with zero down in Soledad?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans, active duty, and surviving spouses with a Certificate of Eligibility. A funding fee replaces PMI.

Question 9

What's the VA funding fee at zero down?

Accepted Answer

The VA funding fee is 2.15% of the loan amount on first use with zero down. It rolls into the loan balance.

Question 10

Does a VA disability rating waive the funding fee?

Accepted Answer

Yes. A 10% or higher VA disability rating exempts you from the funding fee entirely. Lower ratings do not qualify.

Question 11

What's the minimum FHA down payment in Soledad?

Accepted Answer

FHA requires 3.5% down with a 580+ credit score. Upfront mortgage insurance is 1.75% of the loan amount, added to your balance.

Question 12

How long does FHA mortgage insurance last?

Accepted Answer

If you put down less than 10%, MIP stays for the life of the loan. With 10%+ down, it cancels after 11 years.

Question 13

Can I remove PMI on a conventional loan?

Accepted Answer

Yes. Once your LTV hits 80%, you can request PMI removal. It cancels automatically at 78% LTV as you pay down principal.

Question 14

What income do I need to qualify for a Soledad home?

Accepted Answer

Monterey County's median household income is $94,486. Lenders typically want your debt-to-income ratio at 43% or lower, so requirements vary by loan amount.

Soledad mortgage questions answered