Question 1

What is the conforming loan limit for Alameda County?

Accepted Answer

Alameda County is a high-cost area, so limits exceed the national baseline. Confirm the current limit with us before structuring your offer.

Question 2

Can I put less than 20% down on a conforming loan?

Accepted Answer

Yes. You can put as little as 3% down. You'll pay PMI until you reach 80% loan-to-value, then it cancels.

Question 3

How does my credit score affect my rate?

Accepted Answer

Conforming loans use risk-based pricing. A 740 score gets better terms than 680. Even small score changes move your rate. Rates vary by borrower profile and market conditions.

Question 4

Is a conforming loan better than FHA in Union City?

Accepted Answer

For buyers with 620+ credit and 5%+ down, conforming usually wins. FHA mortgage insurance stays for the loan life — conforming PMI does not.

Question 5

How fast do conforming loans close?

Accepted Answer

Typically 21 to 30 days with a clean file. Conforming underwriting is standardized, which speeds things up compared to jumbo.

Question 6

Does being self-employed hurt my chances?

Accepted Answer

Not automatically. Fannie and Freddie allow self-employed borrowers. You'll need two years of tax returns and a solid income average.

Conforming Loans in Union City, CA