Question 1

What's the 2026 conforming loan limit in Alameda County?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount are jumbo loans. Jumbo loans typically require 20% down and a 700+ credit score.

Question 2

How much down payment do I need for a conventional loan?

Accepted Answer

Conventional loans require a minimum of 3% down. With 5% to 10% down, PMI applies. At 20% down or more, PMI is not required.

Question 3

Is Alameda County an FHA high-cost area?

Accepted Answer

Yes. Alameda County is an FHA high-cost area in 2026. FHA loan limits match the conforming limit of $1,249,125.

Question 4

Is Alameda County a VA high-cost area?

Accepted Answer

Yes. Alameda County qualifies as a VA high-cost area in 2026. VA loan limits reach $1,249,125 for eligible veterans.

Question 5

What credit score do I need to qualify for a mortgage?

Accepted Answer

Conventional loans typically require a minimum credit score of 620. FHA loans accept scores as low as 580. VA loans have no official minimum but most lenders prefer 620+.

Question 6

How do new restaurants affect Alameda home values?

Accepted Answer

New dining options like Filipino, burger, and Nicaraguan restaurants signal neighborhood investment. Active restaurant growth can support property values over time.

Question 7

What does Measure W mean for Alameda housing?

Accepted Answer

Measure W allocated $15 million for affordable housing at People's Park. More housing supply may moderate price growth in some neighborhoods.

Question 8

Can I get a VA loan with zero down?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans and surviving spouses. A funding fee of 2.15% at zero down is added to the loan.

Question 9

What's the minimum down payment for FHA?

Accepted Answer

FHA loans require 3.5% down with a 580+ credit score. Upfront mortgage insurance of 1.75% is added to the loan amount.

Question 10

Do I need to sell my current home first?

Accepted Answer

No. Many buyers carry two mortgages during transition. Lenders typically want significant equity in your current home or proof of sale.

Question 11

How much income do I need to qualify?

Accepted Answer

Income requirements depend on loan amount and debt-to-income ratio. Alameda County's median household income is $126,240. Most lenders cap housing payment at 28% to 31% of gross income.

Question 12

What's the difference between PMI and VA funding fees?

Accepted Answer

PMI is required on conventional loans with less than 20% down. VA funding fees replace PMI on VA loans. VA funding fees are rolled into the loan amount.

Question 13

Can I refinance my FHA loan to remove mortgage insurance?

Accepted Answer

FHA mortgage insurance cannot be removed through refinancing into another FHA loan. You can refinance into a conventional loan once you have 20% equity.

Question 14

How long does it take to close a mortgage?

Accepted Answer

Most mortgages close in 30 to 45 days from application. Alameda's active market can move faster. Appraisal delays may extend the timeline by one to two weeks.

Question 15

What closing costs should I expect?

Accepted Answer

Closing costs typically range from 2% to 5% of the loan amount. Costs include appraisal, title insurance, escrow, and lender fees. Your loan estimate will itemize all costs within three days.

Alameda home loan questions answered