Question 1

What's the monthly payment on a $750,000 conforming loan in Berkeley?

Accepted Answer

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.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

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.

Question 3

What credit score do I need to qualify for a conforming loan in Berkeley?

Accepted Answer

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.

Question 4

Can I lock my rate for 60 days instead of 30?

Accepted Answer

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.

Question 5

How long does it take to close a conforming loan in Berkeley?

Accepted Answer

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.

Conforming 30-year fixed mortgages in Berkeley: 5.875% on $750K purchases