Question 1

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

Accepted Answer

Yes — 20% down (80% LTV) is the only way to skip PMI on conventional. Below 20%, PMI is required until you hit 78% LTV automatically or request cancellation at 80%. At 20%, there's no insurance cost and no rate penalty.

Question 2

What's the monthly payment on a $750,000 conventional loan at today's rate?

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. That's based on the rate as of April 13, 2026, with 0.195 points ($1,462 upfront). Property taxes, insurance, and HOA would add to that total.

Question 3

Can I get a conventional loan with less than 20% down in Berkeley?

Accepted Answer

Yes — conventional allows 3% down, but PMI kicks in. At 10% down ($93,750), you'd carry PMI until refinancing or hitting 78% LTV. The monthly cost depends on your loan amount and credit score. Call for a comparison quote.

Question 4

What credit score do I need for a conventional loan here?

Accepted Answer

620 FICO is the agency minimum, but lenders typically want 740+ for the best rates. Below 740, you'll see rate bumps or stricter reserve requirements. Berkeley's market is competitive — stronger credit wins better terms.

Question 5

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

Accepted Answer

Conventional closings run 30-45 days. Appraisal and employment verification are standard. If your file is clean and employment is stable, you'll land on the faster end. Jumbo loans take longer; FHA can be faster with lower documentation.

Conventional 30-Year Fixed in Berkeley: 5.875% Rate, 20% Down, No PMI