Question 1

What is the conforming loan limit in Placer County?

Accepted Answer

Placer County follows the standard conforming limit set by Fannie Mae and Freddie Mac. Most Colfax purchases fall under that cap.

Question 2

Can I use a conforming loan on a rural Colfax property?

Accepted Answer

Yes, but the property must meet Fannie Mae or Freddie Mac standards. Well, septic, and acreage details all get reviewed.

Question 3

How does PMI work on a conforming loan?

Accepted Answer

PMI is required when you put less than 20% down. Once you reach 20% equity, you can request cancellation.

Question 4

What credit score do I need for the best conforming rates?

Accepted Answer

Scores above 740 get the best pricing. You can qualify at 620, but the rate will be higher.

Question 5

Is a conforming loan better than FHA in Colfax?

Accepted Answer

For buyers with solid credit and some down payment, yes. Conforming loans have no lifetime mortgage insurance requirement.

Conforming Loans in Colfax, CA — Straightforward Financing for Placer County Buyers