Question 1

What is the conforming loan limit in Siskiyou County?

Accepted Answer

Siskiyou County uses the standard baseline conforming limit set by Fannie Mae and Freddie Mac. Loans above that limit require jumbo financing with different requirements.

Question 2

Can I use a conforming loan for a vacation home in Mount Shasta?

Accepted Answer

Yes, but second home loans need at least 10% down. Rates also price slightly higher than a primary residence conforming loan.

Question 3

How much down payment do I need?

Accepted Answer

Conforming loans allow as little as 3% down for first-time buyers. Most borrowers put down 5-20% to reduce or eliminate PMI.

Question 4

What credit score do I need to qualify?

Accepted Answer

Most lenders require a 620 minimum. A 740+ score gets you the best rate available for your loan scenario.

Question 5

How long does closing take on a conforming loan?

Accepted Answer

Typical conforming loans close in 21-30 days. Rural appraisal availability in Siskiyou County can sometimes extend that timeline.

Question 6

Is PMI required on conforming loans?

Accepted Answer

PMI is required when you put down less than 20%. It cancels automatically once your equity reaches 20% of the original value.

Conforming Loans in Mount Shasta, CA