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 that amount are jumbo and carry different terms. FHA and VA loans also cap at $1,249,125.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo County is designated an FHA high-cost area. This affects the upfront mortgage insurance premium and ongoing annual premium rates.

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. San Mateo County qualifies as a VA high-cost area. The VA funding fee and loan terms reflect this designation.

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 or more, you skip PMI entirely. Below 20%, mortgage insurance applies until you reach 78% LTV.

Question 5

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620 FICO or higher for conventional loans. Stronger credit (740+) typically qualifies for better rates. Some lenders may go lower with compensating factors.

Question 6

Do I pay mortgage insurance on a VA loan?

Accepted Answer

No. VA loans skip mortgage insurance entirely. Instead, eligible borrowers pay a funding fee, typically 2.15% at zero down for first-time use.

Question 7

What is the upfront mortgage insurance premium on an FHA loan?

Accepted Answer

FHA charges 1.75% upfront mortgage insurance on the loan amount. This rolls into the loan balance. Annual MIP continues for life if down payment is under 10%.

Question 8

How does the Bespoke development affect Burlingame?

Accepted Answer

The Bespoke project adds commercial space and affordable housing downtown. New development can increase foot traffic and property values in surrounding neighborhoods.

Question 9

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

Accepted Answer

Yes. Jumbo loans are available above the conforming limit. Jumbo typically requires 700+ FICO, 20% down, and 6-12 months of reserves. Rates run 0.125% to 0.5% higher than conforming.

Question 10

What is the FHA loan limit in San Mateo County?

Accepted Answer

The 2026 FHA loan limit is $1,249,125, the same as the conforming limit. FHA requires 3.5% down with 580+ FICO. The upfront insurance premium is 1.75% of the loan amount.

Question 11

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. Jumbo loans often take 45 to 60 days as well.

Question 12

What property types qualify for loans in Burlingame?

Accepted Answer

Single-family homes, condos, townhouses, and multi-unit properties (2-4 units) typically qualify. Condo approval depends on the project's FHA certification and reserve requirements.

Question 13

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

Accepted Answer

No. FHA loans are available to all borrowers who meet credit and down-payment requirements. First-time buyers and repeat buyers both qualify.

Question 14

When does PMI cancel on a conventional loan?

Accepted Answer

PMI cancels automatically when you reach 78% LTV through principal paydown. You can request cancellation at 80% LTV if you've built equity through appreciation or extra payments.

Burlingame mortgage questions answered