Buying
How much do I need for a down payment in the East Bay?
Short answer
Minimum 3-5% for conventional loans, 3.5% for FHA, 0% for VA. But to compete in the East Bay's current market, 20% down is often required to win offers — sometimes 10-15% works in less competitive pockets.
The legal minimum and the practical minimum are different in the East Bay.
Legal minimums: - Conventional loan with mortgage insurance: 3-5% down - FHA loan: 3.5% down - VA loan (qualified veterans): 0% down - USDA loan (rural — limited East Bay): 0% down - Jumbo conventional (above $1,089,300 in Alameda/Contra Costa for 2024): often 10-20% down
Practical minimums to win offers in the East Bay: - 20% down is the default expectation in competitive pockets (Berkeley, Albany, Rockridge, Piedmont). Sellers see 20% down as financing-secure. - 10-15% down can work in less competitive pockets (Richmond, Hercules, parts of Pinole) — though you'll often lose to all-cash or higher-down offers. - All-cash offers still happen, especially under $1M.
Add to the down payment: 2-3% in closing costs, plus reserves (lenders typically want 2-6 months PITI in reserves after closing). For a $900K East Bay purchase, plan for $200,000-$240,000 total cash needed to be competitive.
There are first-time buyer programs (CalHFA, MyHome, local housing trusts) that can reduce this — Roger works with lenders who specialize in these.
What I've written here is general. Your specific timeline, equity position, and the exact neighborhood pocket your home is in all change the math. For a complete picture, call or text (510) 504-0402, reach my 24/7 line at (406) 205-9003, or email roger@grubb.net. The first 20 minutes are free and there's no pitch.