Loading
Loading
Colfax sits in the Sierra Nevada foothills of Placer County. It draws buyers who want space, mountain air, and lower prices than Sacramento or Roseville.
Conventional loans fit this market well. Most Colfax properties fall under the conforming loan limit, so standard pricing and terms apply.
620
Min Credit Score
3%
Min Down Payment
20%
PMI-Free Down Payment
6.57% (Apr 2026)
30-Yr Fixed (Market)
Conventional Loans in Colfax
You need at least a 620 credit score to qualify. Most lenders price their best rates starting at 740 or above.
Down payment starts at 3% for first-time buyers. Put down 20% and you skip private mortgage insurance entirely.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Colfax.
Colfax sits in the Sierra Nevada foothills of Placer County. It draws buyers who want space, mountain air, and lower prices than Sacramento or Roseville.
Conventional loans fit this market well. Most Colfax properties fall under the conforming loan limit, so standard pricing and terms apply.
You need at least a 620 credit score to qualify. Most lenders price their best rates starting at 740 or above.
Retail banks offer conventional loans, but their pricing rarely beats what wholesale lenders provide. We shop across 200+ wholesale lenders to find better terms.
HousingWire flagged that the 30-year fixed hit 6.57% and applications dropped over 10% week-over-week. Rates vary by borrower profile and market conditions — your score and down payment move your rate significantly.
Colfax has acreage properties and manufactured homes. Not every conventional lender handles those. Know your property type before you apply.
Appraisals in rural Placer County can be tricky. Fewer comps mean more underwriter scrutiny. A broker who knows rural lending avoids surprises at closing.
FHA loans allow lower credit scores but add mortgage insurance for the life of the loan. Conventional insurance drops off once you hit 20% equity.
Jumbo loans kick in above the conforming limit. For most Colfax buyers, that threshold isn't a concern — conventional conforming is the right fit.
Placer County includes both high-cost suburban areas and rural foothill towns like Colfax. Conventional conforming limits apply countywide as of April 2026.
Properties with well and septic systems are common in Colfax. Lenders require inspections for both. Budget time for those steps in your escrow timeline.
Minimum is 620. Scores above 740 get the best pricing.
Yes, but not all lenders approve large acreage. You need a lender comfortable with rural Placer County properties.
It can. Lenders require passing well and septic inspections before funding.
PMI cancels when your loan balance reaches 80% of the home's original value.
Most Colfax homes fall under the conforming limit. That means standard conventional pricing applies without jumbo loan requirements.
With a 700+ score and 10%+ down, conventional usually wins. FHA's mortgage insurance costs more long-term.