Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. FHA and VA loans cap at the same amount. Loans above this threshold are jumbo and carry stricter requirements.

Question 2

Is Alameda County an FHA high-cost area?

Accepted Answer

Yes. Alameda County qualifies as an FHA high-cost area, which means higher mortgage insurance premiums. VA loans also carry high-cost area rates here.

Question 3

Do I need 20% down to buy in Emeryville?

Accepted Answer

No. FHA allows 3.5% down with a 580+ credit score. Conventional loans work with 3% down. VA loans go to zero down for eligible veterans.

Question 4

How does the new transit-oriented housing law affect Emeryville?

Accepted Answer

SB 79 requires cities to allow denser housing near transit starting July 1. This opens more development near BART and local transit, potentially increasing housing supply and affecting future property values.

Question 5

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620 minimum for conventional loans. Stronger scores (740+) open better rates. FHA accepts 580+ scores, making it an option for lower-credit borrowers.

Question 6

How much does PMI cost on a conventional loan?

Accepted Answer

PMI typically runs 0.5% to 1.5% annually on the loan amount. It cancels automatically at 78% LTV and can be requested at 80% LTV. The exact cost depends on your credit and down payment.

Question 7

What's the difference between FHA and VA loans?

Accepted Answer

VA loans go to zero down for eligible veterans with no mortgage insurance. FHA requires 3.5% down minimum and charges mortgage insurance for the loan's life if down is under 10%. Both are high-cost area programs here.

Question 8

Can I get a jumbo loan in Emeryville?

Accepted Answer

Yes. Jumbo loans start above $1,249,125. They typically require 700+ credit, 20% down, and six months of reserves. Rates usually run 0.125% to 0.5% higher than conforming.

Question 9

How long does it take to close a mortgage in Emeryville?

Accepted Answer

Most mortgages close in 30 to 45 days. Jumbo loans may take longer due to additional documentation. Appraisals, inspections, and title work can extend the timeline.

Question 10

What are closing costs in Alameda County?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. They include appraisal, title, underwriting, and lender fees. Your lender will provide a detailed estimate within three days of application.

Question 11

Does Emeryville have HOA fees I should know about?

Accepted Answer

Many Emeryville properties have HOA fees, especially newer condos and townhomes. Fees typically range from $200 to $600 monthly. Lenders factor HOA costs into debt-to-income calculations.

Question 12

What's the property tax rate in Emeryville?

Accepted Answer

Alameda County property taxes are roughly 0.76% of assessed value annually. Proposition 13 caps increases at 2% per year. Your actual tax bill depends on the purchase price and local assessments.

Question 13

Can I use a gift for my down payment?

Accepted Answer

Yes. Lenders accept down-payment gifts from family members. You'll need a gift letter stating the funds are a gift, not a loan. The gift must be documented and seasoned per your lender's guidelines.

Emeryville mortgage questions answered