Question 1

What is the conforming loan limit for Shasta County?

Accepted Answer

Shasta County follows the standard conforming limit set annually by the FHFA. Most Shasta Lake purchases fall well under it.

Question 2

Can I use a conforming loan to buy a fixer-upper?

Accepted Answer

It depends on the property's condition. Conforming loans require the home to meet minimum property standards at appraisal.

Question 3

How is a conforming loan different from a conventional loan?

Accepted Answer

All conforming loans are conventional, but not all conventional loans conform. Conforming means it meets Fannie Mae and Freddie Mac guidelines.

Question 4

Do conforming loans require PMI?

Accepted Answer

Yes, if your down payment is under 20%. Unlike FHA, you can cancel PMI once your equity reaches 20%.

Question 5

What credit score gets the best conforming rate?

Accepted Answer

740 and above puts you in the best pricing tier. Below 700, expect rate adjustments that add real cost.

Conforming Loans in Shasta Lake, CA