Question 1

What's the monthly payment on a $750K conforming loan at today's rate?

Accepted Answer

Principal and interest run $4,437 per month at 5.875% on a $750K loan. That's based on a $937,500 purchase with $187,500 down (20% LTV). Add property tax, insurance, and HOA to get your full payment.

Question 2

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

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI on conforming. Below 80% LTV, PMI applies until you hit 78% through principal paydown. At 20% down, there's no insurance and no rate penalty.

Question 3

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

Accepted Answer

620 FICO is the minimum. Rates improve significantly at 740+. Most Oakland buyers sit between 700-760, which qualifies for the best pricing without overlays or extra documentation.

Question 4

How long does it take to close a conforming loan?

Accepted Answer

30-45 days is standard. Broker shops often close in 30 days. Retail banks may take 45 days. The timeline depends on appraisal speed and how quickly you return documents, not the loan type.

Question 5

Is conforming better than FHA for Oakland buyers with 20% down?

Accepted Answer

Yes. Conforming has no mortgage insurance at 20% down. FHA carries insurance for life unless you refinance. Over 30 years, conforming saves $40K-$60K in insurance costs despite a slightly higher rate.

Conforming 30-year fixed in Oakland: $750K at 5.875%