Question 1

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

Accepted Answer

The 2026 conforming limit for Chester is $832,750. Loans above that amount are jumbo loans. Jumbo loans typically require 20% down and a 700+ credit score.

Question 2

Do I need 20% down to buy in Chester?

Accepted Answer

Yes — conventional loans allow as little as 5% down. You'll pay PMI on anything under 20%. FHA accepts 3.5% down with a 580+ credit score.

Question 3

What's the FHA loan limit in Chester?

Accepted Answer

The 2026 FHA limit in Plumas County is $541,287. FHA is not a high-cost area here. You can borrow up to that amount with just 3.5% down.

Question 4

Is Plumas County a VA high-cost area?

Accepted Answer

Yes — VA loans in Chester go up to the conforming limit of $832,750. You don't face a reduced VA loan amount due to high-cost area rules.

Question 5

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620+. FHA accepts 580+. VA has no strict minimum but lenders usually want 620+. Higher scores get better rates.

Question 6

How does PMI work on a conventional loan?

Accepted Answer

PMI is required when you put down less than 20%. It cancels automatically at 78% LTV and can be requested at 80% LTV. PMI protects the lender, not you.

Question 7

How long does FHA mortgage insurance last?

Accepted Answer

If you put down 10% or more, FHA MIP cancels after 11 years. If you put down less than 10%, MIP runs for the life of the loan.

Question 8

Can I get a VA loan in Chester?

Accepted Answer

Yes. VA loans are available up to $832,750 in 2026. You need a Certificate of Eligibility. The funding fee replaces PMI—2.15% at zero down for first-time users.

Question 9

What does the Treasure Canyon gold mine project mean for Chester property values?

Accepted Answer

The Treasure Canyon project brings development activity to the region. Long-term impacts depend on operational timelines. Local development can affect buyer interest and market activity.

Question 10

How much income do I need to qualify in Chester?

Accepted Answer

Plumas County's median household income is $64,946. Most lenders want your debt-to-income ratio below 43%. Your actual income requirement depends on the loan amount and existing debts.

Question 11

What's the difference between jumbo and conforming loans?

Accepted Answer

Yes — conforming loans max out at $832,750. Jumbo loans exceed that. Jumbo typically requires 20% down, 700+ credit, and 6-12 months reserves. Rates run 0.125% to 0.5% higher.

Question 12

Do I need to sell my current home before buying in Chester?

Accepted Answer

Yes — you can carry two mortgages if your debt-to-income ratio allows. Lenders count the payment on your current home even if you're selling. Significant equity helps qualify for the new purchase.

Question 13

How fast can I close on a Chester home?

Accepted Answer

Conventional loans typically close in 30-45 days. FHA and VA can take 45-60 days due to appraisal and inspection requirements. Jumbo loans often take 45-60 days as well.

Question 14

What's the upfront cost of an FHA loan?

Accepted Answer

FHA charges 1.75% upfront mortgage insurance. On a $400,000 loan, that's $7,000 rolled into the balance. You also pay annual MIP, which varies by down payment and loan size.

Mortgage questions from Chester buyers, answered