Question 1

What is the FHA loan limit in Placer County?

Accepted Answer

FHA loan limits adjust annually and vary by county. Check HUD's current published limits for Placer County before making an offer.

Question 2

Can I use FHA to buy a fixer-upper in Colfax?

Accepted Answer

Yes — the FHA 203k rehab loan covers purchase plus renovation costs in one loan. It works well for older Colfax homes needing work.

Question 3

Does FHA work on properties with a well and septic?

Accepted Answer

It can, but FHA requires a well water test and septic inspection. Both must pass before the loan closes.

Question 4

How long does FHA mortgage insurance last?

Accepted Answer

With less than 10% down, MIP lasts the full loan term. Put 10% or more down and it drops after 11 years.

Question 5

Can a seller pay my closing costs on an FHA loan?

Accepted Answer

Yes. FHA allows sellers to contribute up to 6% of the sale price toward your closing costs and prepaids.

Question 6

Is Colfax considered rural for USDA purposes?

Accepted Answer

Parts of the Colfax area may qualify for USDA financing. Run the address through USDA's eligibility map — it's worth checking before defaulting to FHA.

FHA Loans in Colfax, CA — Low Down, Real Approval