Question 1

What is the conforming loan limit in San Mateo County for 2026?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount are jumbo loans and typically require 20% down and a 700+ credit score.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

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

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. VA loans in San Mateo are also subject to the high-cost area cap of $1,249,125 for 2026.

Question 4

What credit score do I need to buy in Belmont?

Accepted Answer

Conventional loans typically require 620+ FICO. FHA loans allow 580+ FICO with 3.5% down. VA loans have no minimum FICO requirement.

Question 5

How much down payment do I need on a conventional loan?

Accepted Answer

Conventional loans accept 3% to 5% down for qualified buyers. At 20% down or more, you avoid PMI entirely. Below 20%, mortgage insurance applies until 78% LTV.

Question 6

What is FHA's minimum down payment?

Accepted Answer

FHA requires 3.5% down with a 580+ credit score. The upfront mortgage insurance premium is 1.75% of the loan amount, rolled into your loan balance.

Question 7

Can I get a VA loan with zero down in Belmont?

Accepted Answer

Yes. VA loans allow zero-down financing for eligible veterans, active duty, and surviving spouses with a Certificate of Eligibility. A funding fee applies instead of PMI.

Question 8

What does the VA funding fee cost?

Accepted Answer

The VA funding fee is 2.15% of the loan amount on first-time use with zero down. Subsequent VA loans cost 3.3%. Veterans with a 10%+ disability rating are exempt.

Question 9

Does PMI cancel automatically on a conventional loan?

Accepted Answer

Yes. PMI cancels automatically when your loan balance reaches 78% LTV. You can request cancellation at 80% LTV if you've paid on time.

Question 10

How long does FHA mortgage insurance last?

Accepted Answer

If you put down 10% or more, FHA MIP cancels after 11 years. With less than 10% down, MIP runs for the life of the loan.

Question 11

How does the Bespoke development in San Mateo affect Belmont buyers?

Accepted Answer

The Bespoke mixed-use project signals investment in San Mateo's core. New commercial and affordable housing can attract renters and stabilize nearby property values.

Question 12

What income do I need to qualify for a mortgage in Belmont?

Accepted Answer

Most lenders use a debt-to-income ratio of 43% to 50%. San Mateo's median household income of $156,000 typically supports loans in the conventional range.

Question 13

Can I buy before selling my current home in Belmont?

Accepted Answer

Yes. If you have sufficient equity and income to carry both mortgages, buying before selling works. Jumbo loans often require 6 to 12 months of reserves.

Question 14

What is a jumbo loan and when do I need one?

Accepted Answer

A jumbo loan exceeds the $1,249,125 conforming limit. Jumbo loans typically require 20% down, 700+ FICO, and proof of significant liquid reserves.

Question 15

How long does the mortgage approval process take in California?

Accepted Answer

Standard conventional loans close in 30 to 45 days. FHA and VA loans may take 45 to 60 days due to additional appraisal steps.

Belmont mortgage questions answered