Question 1

Can I get a conventional loan on a rural Loyalton property?

Accepted Answer

Yes, but the property must meet Fannie Mae or Freddie Mac guidelines. Acreage and condition matter — we review this early.

Question 2

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require a 620 minimum. Scores above 740 get the best rates. Rates vary by borrower profile and market conditions.

Question 3

Do conventional loans require PMI in Loyalton?

Accepted Answer

Only if you put down less than 20%. PMI cancels once you reach 20% equity — unlike FHA mortgage insurance.

Question 4

How does the appraisal process work with limited comps?

Accepted Answer

Appraisers look for nearby sales within 12 months. Thin inventory in Sierra County can push appraisers to use wider search areas.

Question 5

Is a 30-year or 15-year conventional loan better here?

Accepted Answer

Loyalton prices are lower, so 15-year payments may be more manageable. We run both scenarios before you decide.

Question 6

What if I'm self-employed and buying in Loyalton?

Accepted Answer

Conventional loans require two years of tax returns and full income docs. Low reported income is the most common obstacle we see.

Conventional Loans in Loyalton, CA