Question 1

Can I use FHA to buy a cabin or vacation property in Chester?

Accepted Answer

No. FHA requires the property to be your primary residence. Vacation or seasonal use does not qualify.

Question 2

Does conventional require a higher down payment than FHA?

Accepted Answer

Not always. Conventional loans allow as little as 3% down. FHA starts at 3.5% with a 580 credit score.

Question 3

Which loan has lower monthly payments in Plumas County?

Accepted Answer

It depends on your rate and mortgage insurance costs. Strong-credit borrowers usually pay less monthly with conventional.

Question 4

Can I cancel mortgage insurance on an FHA loan?

Accepted Answer

On most FHA loans originated after 2013, MIP lasts the life of the loan. Refinancing to conventional is the main exit.

Question 5

Are FHA loan limits high enough for Chester home prices?

Accepted Answer

Plumas County FHA limits apply. Confirm current limits with us before assuming FHA covers your target price.

Conventional vs FHA Loans in Chester, CA