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Berkeley Restaurant Week just wrapped with 74 venues participating across the city. The food scene reflects what's happening in the housing market: steady demand, selective buyers.
The East Bay Regional Park District is taking over the former Golden Gate Fields racetrack for a new shoreline park. That kind of infrastructure investment matters to buyers here—it signals long-term neighborhood stability and outdoor access that supports...
5.875%
Interest rate
$4,437
Monthly P&I
740+
FICO for best rate
$750,000
Loan amount
20% ($187,500)
Down payment
45–55 days
Close timeline
Conforming Loans in Berkeley
Conforming loans in Berkeley require a 620 FICO minimum, but 740+ gets you the best rates. Down payment ranges from 5% to 25%; at 20% down you skip PMI entirely.
At 80% LTV (20% down), there's no mortgage insurance and no rate penalty. Your debt-to-income ratio needs to stay under 43% of gross income. Most lenders want to see two months of liquid reserves after closing, though that varies by investor.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Berkeley.
Berkeley Restaurant Week just wrapped with 74 venues participating across the city. The food scene reflects what's happening in the housing market: steady demand, selective buyers.
The East Bay Regional Park District is taking over the former Golden Gate Fields racetrack for a new shoreline park. That kind of infrastructure investment matters to buyers here—it signals long-term neighborhood stability and outdoor access that supports...
Conforming loans in Berkeley require a 620 FICO minimum, but 740+ gets you the best rates. Down payment ranges from 5% to 25%; at 20% down you skip PMI entirely.
California's conforming market splits between retail banks, credit unions, and mortgage brokers. Retail lenders (Wells Fargo, Bank of America, Chase) move slower but offer branch support.
Underwriting for conforming loans is tighter than it was five years ago. Lenders scrutinize cash reserves, employment gaps, and gift funds more closely. Most want your appraisal ordered within 48 hours of application.
Conforming loans make sense in Berkeley for anyone with 620+ FICO and 5% down. The rate sits at 5.875% with no mortgage insurance at 20% down—that's the sweet spot.
The one scenario where conforming doesn't pencil: if you're putting down less than 5% and your FICO is below 680. PMI costs eat into the monthly savings, and you'll pay it for years.
FHA loans start with a lower rate but carry mortgage insurance for the life of the loan if you put down less than 10%. At 20% down, conventional (conforming) has no insurance.
Jumbo loans above $1.249M typically require 20% down and 700+ FICO. Rates run 0.25–0.5% higher than conforming. If Berkeley's market pushes you above the conforming limit, you'll pay more per month and face tighter underwriting.
The Golden Gate Fields racetrack is becoming a public shoreline park—a $175 million project that opens up waterfront access. Buyers in Berkeley care about walkability and open space.
Cafe Bolita just opened with heirloom corn masa dishes, joining a dining scene that Restaurant Week showcased with 74 participating venues. That kind of local food culture attracts younger professionals and families.
At 5.875% with $750,000 borrowed, your principal and interest run $4,437 monthly. That's on a $937,500 purchase with $187,500 down (20%), 740 FICO, 30-day lock.
Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI kicks in and stays until you hit 78% LTV through appreciation or paydown. At 20% down, you skip it entirely.
The minimum is 620 FICO, but you'll get the best rates at 740+. At 620–679, expect a rate bump of 0.25–0.5%. Most lenders prefer 680+ to avoid overlays. The scenario shown assumes 740 FICO.
Yes. Most lenders offer 45 and 60-day locks, but rates climb 0.0625–0.125% for each extra 15 days. Berkeley's market moves fast, so 30-day locks are common. Ask your lender for the rate difference before committing.
45 to 55 days is typical. Brokers and credit unions often close faster than retail banks. Appraisal turnaround and employment verification are the main bottlenecks. Clear title and no surprises can shave 5–10 days off.