Question 1

What's the conforming loan limit in San Benito County for 2026?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above that amount are jumbo and carry stricter credit and down-payment rules.

Question 2

Is San Benito County an FHA high-cost area?

Accepted Answer

Yes. San Benito County is designated an FHA high-cost area. The FHA loan limit matches the conforming limit at $1,249,125 for 2026.

Question 3

Is San Benito County a VA high-cost area?

Accepted Answer

Yes. VA loans in San Benito County follow the high-cost area designation. Eligible veterans can borrow up to $1,249,125 in 2026 with zero down.

Question 4

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

Accepted Answer

Conventional loans typically require 3% to 20% down. At 20% down you avoid PMI entirely. Below 20%, mortgage insurance applies until you reach 78% loan-to-value.

Question 5

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

Accepted Answer

Most conventional lenders require 620 or higher. FHA accepts 580 with 3.5% down. VA loans typically want 620 or better. Higher scores get better rates.

Question 6

Do I need to be a first-time buyer to get an FHA loan?

Accepted Answer

No. FHA loans are available to any borrower meeting credit and down-payment requirements. First-time status doesn't determine eligibility. The 3.5% minimum down is the main advantage.

Question 7

How does PMI work on a conventional loan?

Accepted Answer

PMI protects the lender if you put down less than 20%. It cancels automatically at 78% loan-to-value and can be requested at 80%. Cost depends on your down payment and credit.

Question 8

What's the difference between FHA MIP and conventional PMI?

Accepted Answer

FHA MIP is mortgage insurance premium. With less than 10% down, it runs for the life of the loan. With 10% or more down, it cancels after 11 years.

Question 9

Can I get a VA loan if I'm on active duty?

Accepted Answer

Yes. Active duty service members, veterans, and eligible surviving spouses can use VA loans. You'll need a Certificate of Eligibility from the VA. The funding fee replaces PMI.

Question 10

What does the VA funding fee cover?

Accepted Answer

The VA funding fee is a one-time cost that replaces mortgage insurance. At zero down, it's 2.15% of the loan amount. Veterans with a 10% or higher disability rating are exempt.

Question 11

How does the free student vision care program affect Hollister's school appeal?

Accepted Answer

San Benito County's coalition launched free vision care to close coverage gaps. Better access supports student learning and attendance. This is a real quality-of-life factor for families buying here.

Question 12

What income do I need to qualify for a mortgage?

Accepted Answer

Lenders typically want your housing payment at 28% or less of gross income. At $108,289 annual county median, that's roughly $2,526 per month for housing. Your approval depends on debt and credit.

Question 13

Are jumbo loans available in Hollister above $1,249,125?

Accepted Answer

Yes. Jumbo loans are available for homes above the conforming limit. They typically require 700+ credit, 20% down, and 6-12 months of reserves.

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 loans may take 45 to 60 days due to additional appraisal requirements. Your lender's timeline depends on document turnaround.

Question 15

What closing costs should I expect?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. This includes appraisal, title, escrow, and lender fees. Your loan estimate will break down exact costs.

Hollister mortgage questions answered