Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans at or below this amount avoid jumbo pricing.

Question 2

Is Contra Costa County an FHA high-cost area?

Accepted Answer

Yes. Contra Costa is an FHA high-cost area for 2026. FHA loan limits match the conforming limit of $1,249,125.

Question 3

Is Contra Costa County a VA high-cost area?

Accepted Answer

Yes. VA loans in Contra Costa follow high-cost-area rules for 2026. The VA limit is $1,249,125.

Question 4

How much down do I need on a conventional loan?

Accepted Answer

Conventional loans typically require 3% to 20% down. At 20% down or more, you skip PMI entirely.

Question 5

What credit score do I need for a mortgage in Lafayette?

Accepted Answer

Most conventional lenders want 620 or higher. FHA accepts 580 with a larger down payment.

Question 6

Is FHA available to first-time buyers only?

Accepted Answer

No. FHA is open to all buyers, not just first-time purchasers. You can use it on a second home if owner-occupied.

Question 7

How does the East County Service Center affect Lafayette home values?

Accepted Answer

The $155 million service center in nearby Brentwood improves regional infrastructure. Better services can support property values over time.

Question 8

Can I get a VA loan with zero down?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans and surviving spouses with a Certificate of Eligibility. No PMI applies.

Question 9

What's the VA funding fee on a zero-down loan?

Accepted Answer

The funding fee is 2.15% of the loan amount on first-time VA use. It rolls into your loan balance. A 10%+ disability rating exempts you.

Question 10

Does FHA mortgage insurance run for the entire loan term?

Accepted Answer

It depends on your down payment. With 10% or more down, FHA MIP cancels after 11 years. Below 10% down, MIP runs for life.

Question 11

What's the FHA upfront mortgage insurance premium?

Accepted Answer

FHA charges 1.75% upfront MIP on the loan amount. This gets rolled into your loan balance.

Question 12

Can I use USDA financing in Lafayette?

Accepted Answer

Lafayette itself is not in a USDA-eligible rural area. Nearby rural Contra Costa areas may qualify. USDA caps household income at the area-specific threshold for this county.

Question 13

When does PMI cancel on a conventional loan?

Accepted Answer

PMI cancels automatically at 78% LTV. You can request cancellation at 80% LTV if you've paid on time.

Question 14

How long does it take to close a mortgage?

Accepted Answer

Most conventional loans close in 30 to 45 days. FHA and VA can take 45 to 60 days due to appraisal steps.

Question 15

What happens if my home appraises below the purchase price?

Accepted Answer

You'll need to renegotiate, cover the gap in cash, or walk away. The lender won't lend more than the appraised value.

Lafayette mortgage FAQ, answered