Question 1

What is the conforming loan limit in Nevada County for 2026?

Accepted Answer

The 2026 conforming limit is $832,750. Loans above this amount are jumbo and typically require 20% down and stronger credit.

Question 2

Is Truckee an FHA high-cost area?

Accepted Answer

Yes. Truckee is an FHA high-cost area, which means the 2026 FHA limit here is $649,750 instead of the standard floor.

Question 3

What credit score do I need to buy in Truckee?

Accepted Answer

Most conventional lenders require 620 FICO minimum. FHA accepts 580 FICO with 3.5% down. VA loans have no set floor but typically 580+.

Question 4

How much down payment do I need?

Accepted Answer

Conventional loans accept 3% to 5% down with PMI. FHA requires 3.5% minimum. VA and USDA allow zero down for eligible borrowers.

Question 5

Do I need 20% down to avoid PMI?

Accepted Answer

Yes — 20% down (80% LTV) eliminates PMI on conventional loans. Below 20%, PMI applies and cancels at 78% LTV or by request at 80%.

Question 6

What does the Nevada County Fair mean for the Truckee market?

Accepted Answer

The Fair expands to two weekends in late July 2027, drawing visitors and boosting local activity. This seasonal traffic affects property values and rental demand.

Question 7

Can I get an FHA loan with less than 3.5% down?

Accepted Answer

No. FHA's minimum down payment is 3.5% with a 580 FICO score. Upfront mortgage insurance is 1.75% of the loan amount.

Question 8

How long does FHA mortgage insurance last?

Accepted Answer

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

Question 9

What is a jumbo loan and when do I need one in Truckee?

Accepted Answer

Jumbo loans exceed the $832,750 conforming limit. They typically require 20% down, 700+ FICO, and six months of reserves.

Question 10

Can I use a VA loan to buy in Truckee?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans and active duty. The funding fee replaces PMI (2.15% at zero down for first use).

Question 11

Does Nevada County median income affect my qualification?

Accepted Answer

Yes. The county median is $84,905. Income-based programs like USDA use this as a reference for eligibility caps set per household size.

Question 12

What is an FHA Streamline refinance?

Accepted Answer

FHA Streamline (IRRRL for VA) lets you refinance an existing loan with minimal documentation. It's faster than a standard refi.

Question 13

How does Truckee's mountain location affect property insurance?

Accepted Answer

Mountain properties may face higher insurance costs due to wildfire risk and weather exposure. Factor this into your monthly housing budget.

Mortgage questions from Truckee buyers, answered