Question 1

What's the monthly payment on a $750,000 conventional loan in Emeryville?

Accepted Answer

Principal and interest run $4,437 per month at 5.875% on a $750K loan. Add property taxes, insurance, and HOA—your total payment will be higher. The $4,437 is the mortgage payment alone.

Question 2

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

Accepted Answer

Yes. At 20% down (80% LTV), PMI disappears entirely. Below 20% down, PMI is required. At 78% LTV, PMI cancels automatically under federal law. You can request cancellation at 80% LTV if you've built equity.

Question 3

Can I qualify for a conventional loan with a 680 credit score?

Accepted Answer

Most lenders require 620 minimum for conventional loans. At 680, you'll qualify but won't get the best rates. 740+ gets you the pricing shown here. The higher your FICO, the lower your rate.

Question 4

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

Accepted Answer

Conventional loans typically close in 30-45 days. Emeryville's market moves fast, so lenders are used to quick timelines. Your specific timeline depends on appraisal, underwriting, and title work.

Question 5

Is conventional or FHA better for a $937,500 home purchase here?

Accepted Answer

At 20% down, conventional wins. No PMI ever beats FHA's lifetime insurance cost. If you're putting down less than 20%, FHA's lower rate might offset its insurance. Call for both quotes to compare.

Conventional 30-year fixed mortgages in Emeryville: 5.875% with 20% down