Question 1

What is the conforming loan limit in Tulare County?

Accepted Answer

Tulare County falls under the standard conforming limit set by the FHFA. Most homes in Tulare price well below that ceiling.

Question 2

Can I use a conforming loan with 3% down?

Accepted Answer

Yes. Fannie Mae's HomeReady and Freddie Mac's Home Possible both allow 3% down. You'll carry PMI until you reach 20% equity.

Question 3

How does agricultural income affect my conforming application?

Accepted Answer

Lenders average your last two years of tax returns. Seasonal or variable income gets scrutinized closely under Fannie and Freddie guidelines.

Question 4

When does PMI go away on a conforming loan?

Accepted Answer

Lenders must cancel PMI when your loan balance reaches 80% of the original value. You can also request cancellation once you hit that threshold.

Question 5

Is a conforming loan better than FHA in Tulare?

Accepted Answer

For borrowers with 620+ credit and 5% down, conforming usually wins on long-term cost. FHA's upfront and annual mortgage insurance adds up.

Conforming Loans in Tulare, CA