Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above that amount are jumbo and carry stricter requirements.

Question 2

Do I need 20% down to buy in San Francisco?

Accepted Answer

Yes. Conventional loans allow 5% down with PMI. FHA accepts 3.5% down with mortgage insurance. VA loans go to zero down for eligible borrowers.

Question 3

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620 or higher. FHA accepts 580 with 3.5% down. VA has no stated minimum but lenders usually want 620+.

Question 4

Is San Francisco an FHA high-cost area?

Accepted Answer

Yes. San Francisco is an FHA high-cost area. FHA loan limits match the conforming limit of $1,249,125.

Question 5

Is San Francisco a VA high-cost area?

Accepted Answer

Yes. VA loans in San Francisco can go up to $1,249,125 with no down payment for eligible veterans. The funding fee replaces PMI.

Question 6

How much does PMI cost on a conventional loan?

Accepted Answer

PMI typically runs 0.5% to 1% annually on the loan balance. PMI cancels at 78% LTV automatically.

Question 7

What does FHA mortgage insurance cost?

Accepted Answer

FHA charges 1.75% upfront on the loan amount. Annual MIP runs 0.55% to 0.8% depending on LTV. If you put 10%+ down, MIP cancels after 11 years.

Question 8

How does the Caltrain Railyards project affect the San Francisco market?

Accepted Answer

The Caltrain Railyards redevelopment at 4th and King will add mixed-use space near the waterfront. New housing and transit access typically support property values in adjacent neighborhoods.

Question 9

What's the income requirement to qualify in San Francisco?

Accepted Answer

Most lenders use a debt-to-income ratio of 43% to 50%. At San Francisco's median household income of $141,446, you can typically support a substantial loan.

Question 10

Can I get a jumbo loan above $1,249,125?

Accepted Answer

Yes. Jumbo loans require 20% down, 700+ credit score, and 6-12 months reserves. Rates run 0.125% to 0.5% above conforming.

Question 11

How long does closing take in San Francisco?

Accepted Answer

Conventional closings typically take 30 to 45 days. FHA and VA can take 45 to 60 days due to appraisal and inspection requirements.

Question 12

What's the property tax rate in San Francisco?

Accepted Answer

San Francisco's effective property tax rate is roughly 0.6% annually due to Prop 13. This is lower than many California counties.

Question 13

Do I need to sell my current home first?

Accepted Answer

Yes — you can qualify for a new purchase with your current home still on the market. Lenders will factor in both payments.

Question 14

What's the difference between a rate lock and a float?

Accepted Answer

A rate lock guarantees your rate for a set period, typically 30 to 60 days. A float lets you benefit if rates drop but exposes you if they rise.

San Francisco mortgage questions answered