Question 1

What's the conforming loan limit in Plumas County for 2026?

Accepted Answer

The 2026 conforming limit is $832,750. Loans above that require jumbo financing. VA loans also top out at $832,750.

Question 2

Is Plumas County an FHA high-cost area?

Accepted Answer

No. Plumas County is not designated as an FHA high-cost area. The standard FHA limit of $541,287 applies for 2026.

Question 3

What's the FHA loan limit in Chester?

Accepted Answer

The 2026 FHA limit in Plumas County is $541,287. FHA requires 3.5% down with a 580+ credit score.

Question 4

Do I need 20% down to buy in Chester?

Accepted Answer

No. Conventional loans accept 3% to 5% down with PMI below 20%. FHA requires just 3.5% down. VA loans allow zero down for eligible veterans.

Question 5

What does PMI cost on a conventional loan?

Accepted Answer

PMI typically runs 0.5% to 1.5% annually based on credit and down payment. PMI cancels automatically at 78% LTV or on request at 80% LTV.

Question 6

Can I get a VA loan if I'm a veteran in Chester?

Accepted Answer

Yes. VA loans offer zero down and no PMI for eligible veterans and active duty. You'll need a Certificate of Eligibility. The VA funding fee applies.

Question 7

What's the VA funding fee?

Accepted Answer

The VA funding fee is 2.15% of the loan amount on first use with zero down. Subsequent VA loans carry a 3.3% fee. Veterans with a 10%+ disability rating are exempt.

Question 8

Does the Treasure Canyon gold mine project affect Chester property values?

Accepted Answer

The Treasure Canyon project brings development activity to Plumas County. Long-term impacts depend on operational success. Local real estate reflects broader regional economic trends.

Question 9

What credit score do I need for an FHA loan?

Accepted Answer

FHA requires a minimum 580 FICO score for a 3.5% down loan. A 640+ score improves your rate and terms.

Question 10

How long does it take to close a mortgage in Chester?

Accepted Answer

Conventional and FHA closings typically take 30 to 45 days from application to funding. VA loans often close in the same window.

Question 11

What income do I need to qualify for a mortgage in Chester?

Accepted Answer

Income requirements depend on loan amount, down payment, and debt-to-income ratio. Most lenders cap DTI at 43% to 50%. Plumas County's median household income is $64,946.

Question 12

Can I use a USDA loan in Chester?

Accepted Answer

USDA loans are available in eligible rural areas of Plumas County. They require zero down and are income-limited. Eligibility is set per household size and USDA's published cap for this county.

Question 13

What's the difference between FHA and VA loans?

Accepted Answer

VA loans offer zero down and no mortgage insurance for eligible veterans. FHA requires 3.5% down and charges mortgage insurance for the loan term. VA funding fees replace PMI.

Chester mortgage FAQ | Plumas County loans