Question 1

What's the conforming loan limit in Tehama County?

Accepted Answer

The 2026 conforming limit is $832,750. Loans above that amount are jumbo and carry higher rates and stricter requirements. Most Corning purchases stay well below this ceiling.

Question 2

Do I need 20% down to avoid PMI?

Accepted Answer

Yes — 20% down is the only way to skip PMI on a conventional loan. Put 5% to 10% down and you'll carry mortgage insurance until you hit 20% equity or refinance.

Question 3

Is Tehama County an FHA high-cost area?

Accepted Answer

No. Tehama County is not an FHA high-cost area, so standard FHA limits apply. The 2026 FHA limit here is $541,287.

Question 4

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620 FICO minimum, though 640+ is safer. FHA accepts 580 FICO with 3.5% down. VA has no hard floor but lenders usually want 620+.

Question 5

How much can I borrow on my income?

Accepted Answer

Lenders use a debt-to-income ratio, typically capping your total monthly debt at 43% to 50% of gross income. At Tehama County's median of $61,834 annually, that's roughly $2,200 to $2,600 monthly for all debts.

Question 6

Can I get a VA loan with zero down?

Accepted Answer

Yes. VA loans allow zero down if you're eligible and the property appraises at or above the purchase price. You'll pay a funding fee rolled into the loan, but no down payment is required.

Question 7

What's the difference between FHA and conventional?

Accepted Answer

FHA accepts lower credit scores and smaller down payments but charges mortgage insurance for the life of the loan. Conventional requires higher credit and more down but lets you drop MI once you reach 20% equity.

Question 8

How long does closing take in Corning?

Accepted Answer

Plan on 30 to 45 days from offer to funding. Corning's smaller market means fewer bottlenecks than the Bay Area, so closings often move faster here.

Question 9

What are typical closing costs?

Accepted Answer

Closing costs run 2% to 5% of the loan amount. On a $500,000 loan, expect $10,000 to $25,000. Your lender will provide a detailed estimate within three days of application.

Question 10

Do I need a perfect credit score?

Accepted Answer

No. A perfect credit score isn't necessary. Conventional loans work with 640+ FICO; FHA goes down to 580. Lenders care more about recent payment history than a single high score.

Question 11

Is Corning a good market for first-time buyers?

Accepted Answer

Yes. Corning's lower median prices and smaller inventory mean less competition than Sacramento or the Bay Area. First-time buyers here often qualify faster and face fewer bidding wars.

Question 12

What's the property tax rate in Tehama County?

Accepted Answer

Tehama County property taxes average around 0.76% of assessed value annually. On a $400,000 home, expect roughly $3,040 per year in property taxes.

Question 13

Can I lock my rate before I find a house?

Accepted Answer

Yes. Most lenders offer rate locks of 30, 45, or 60 days. Lock early if rates are dropping; you'll have time to find the right property without losing your rate.

Mortgage questions from Corning buyers