Question 1

What is the conforming loan limit in Marin County for 2026?

Accepted Answer

The 2026 conforming limit for Mill Valley is $1,249,125. FHA and VA loans also cap at that same amount here. Loans above that threshold are jumbo loans.

Question 2

Is Mill Valley an FHA high-cost area?

Accepted Answer

Yes. Mill Valley is an FHA high-cost area, which means FHA loan limits match the conforming limit of $1,249,125 for 2026. This opens FHA financing to higher-priced homes.

Question 3

Is Mill Valley a VA high-cost area?

Accepted Answer

Yes. Mill Valley qualifies as a VA high-cost area, so VA loan limits also reach $1,249,125 in 2026. Zero-down VA loans are available up to that ceiling.

Question 4

How much do I need to put down on a conventional loan?

Accepted Answer

Conventional loans typically require 5% to 20% down. At 20% down or more, you avoid PMI entirely. Below 20%, mortgage insurance applies until you reach 78% LTV.

Question 5

What credit score do I need to qualify for a mortgage?

Accepted Answer

Most conventional lenders require 620 FICO or higher. FHA accepts 580 FICO with 3.5% down. VA loans have no strict FICO floor but typically expect 620 or better.

Question 6

What does the Marin County median household income tell me about affordability?

Accepted Answer

Marin's median household income is $142,785. At that income level, you can typically carry a loan around $500,000 to $600,000 depending on debts and down payment. Higher earners can qualify for jumbo loans.

Question 7

Do I need to sell my current home before buying in Mill Valley?

Accepted Answer

Yes — if you lack equity or income to carry both mortgages, selling first simplifies qualification. Most lenders require proof of funds or a sale contract to close.

Question 8

How long does it take to close a mortgage in Mill Valley?

Accepted Answer

Typical closing takes 30 to 45 days from application to funding. Mill Valley's market can move fast, so locking your rate early protects you if rates rise during underwriting.

Question 9

Does the new mountaintop hiking access affect Mill Valley home values?

Accepted Answer

Increased public access to outdoor recreation typically supports property values in Marin. Homes near trails and open space often appeal to buyers seeking active lifestyles and natural amenities.

Question 10

What is jumbo financing and when do I need it?

Accepted Answer

Jumbo loans exceed the conforming limit of $1,249,125. They typically require 20% down, 700+ FICO, and six months of reserves. Rates usually run 0.125% to 0.5% above conforming.

Question 11

Can I get an FHA loan with less than 20% down?

Accepted Answer

Yes. FHA requires just 3.5% down with 580 FICO or higher. You'll pay upfront mortgage insurance of 1.75% and annual MIP for the life of the loan if down payment is under 10%.

Question 12

What is a VA funding fee and do I have to pay it?

Accepted Answer

VA funding fees replace PMI and range from 2.15% at zero down to 3.3% on subsequent uses. Veterans with a 10% or higher VA disability rating are exempt from the funding fee entirely.

Question 13

How does Marin County's cost of living affect my mortgage qualification?

Accepted Answer

Marin's high cost of living means property taxes and insurance are substantial. Lenders factor these into your debt-to-income ratio, so your actual borrowing power may be lower than in other California counties.

Question 14

Should I lock my rate immediately or wait?

Accepted Answer

Rate locks typically last 30 to 60 days. If you're closing within that window, locking early removes uncertainty. If rates are historically low, locking sooner protects against upward movement.

Mill Valley mortgage questions answered