Question 1

What credit score do I need for a conventional loan in Nevada City?

Accepted Answer

Most lenders require a 620 minimum. A score above 740 gets you the best pricing.

Question 2

Can I use a conventional loan on a property with acreage?

Accepted Answer

Yes, but some lenders restrict rural or acreage deals. We work with lenders who handle them regularly.

Question 3

Does wildfire risk in Nevada County affect my loan?

Accepted Answer

It can. Some lenders require proof of fire insurance or hold back reserves on high-risk properties.

Question 4

When does PMI go away on a conventional loan?

Accepted Answer

PMI cancels automatically when you reach 20% equity. You can also request removal once you hit that threshold.

Question 5

How does a conventional loan compare to FHA in this market?

Accepted Answer

Conventional is cheaper long-term if you qualify. FHA works better with lower credit or smaller down payments.

Conventional Loans in Nevada City, CA