Loading
Loading
Colma sits in San Mateo County, where the median household income of $156,000 supports homes in the $900K range. At 6.25%, a $750,000 conventional loan carries a $4,618 monthly payment for principal and interest.
San Mateo's downtown redevelopment at the former Talbot's site signals sustained investment in the region. Buyers closing now lock in certainty with a 30-year fixed rate.
6.25%
Interest Rate
$4,618
Monthly P&I
740
Min FICO
20% ($187,500)
Down Payment
Conventional Loans in Colma
Conventional loans require a 740 FICO score and typically 5% to 20% down. At 20% down ($187,500 on a $937,500 purchase), PMI cancels immediately and stays gone.
San Mateo County's median household income of $156,000 qualifies most buyers for the $750,000 range. Debt-to-income ratio caps at 43% for most lenders, though some allow 50% with strong reserves.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Colma.
Colma sits in San Mateo County, where the median household income of $156,000 supports homes in the $900K range. At 6.25%, a $750,000 conventional loan carries a $4,618 monthly payment for principal and interest.
San Mateo's downtown redevelopment at the former Talbot's site signals sustained investment in the region. Buyers closing now lock in certainty with a 30-year fixed rate.
Conventional loans require a 740 FICO score and typically 5% to 20% down. At 20% down ($187,500 on a $937,500 purchase), PMI cancels immediately and stays gone.
California conventional lenders compete heavily on rate and speed. Most close in 30 to 45 days with full documentation and appraisal.
Broker shops like ours access multiple wholesale lenders, not just one bank. That means better pricing and faster approval than retail-only shops.
Conventional makes sense in Colma when you have 20% down and a 740+ FICO. The 6.25% rate beats FHA's lifetime mortgage insurance cost over 30 years.
Below 20% down, the PMI math shifts. At 10% down, PMI runs until you hit 78% LTV through appreciation or paydown—that's real money monthly.
FHA rates run lower than conventional but carry mortgage insurance for life if you put down less than 10%. At 3.5% down, FHA's upfront and annual insurance costs add thousands over the loan term.
Conventional at 20% down has no insurance and no rate penalty. The higher down payment upfront saves money every month for 30 years.
San Mateo's Bespoke mixed-use development at the former Talbot's downtown site brings new commercial space and affordable housing. That kind of investment supports property values for buyers closing now.
Schools matter in San Mateo County. Three districts placed bond measures on the June ballot for facility upgrades and programs.
Conventional lending in California remains steady as rates stabilize. Buyers with solid credit and down payment capital are moving forward.
San Mateo County's $156,000 median household income supports conventional purchases in the $750,000 to $900,000 range comfortably. Lenders compete on rate and speed here.
At 6.25% with $187,500 down (20%), your principal and interest payment is $4,618 monthly. Property taxes, insurance, and HOA fees add to that total.
Yes — 20% down (80% LTV) eliminates PMI entirely. Below 20%, PMI applies until you reach 78% LTV through paydown or home appreciation.
Most lenders require 740 FICO minimum. Some allow 700 with strong income and reserves, but 740 opens the best rates and terms.
Yes — PMI cancels automatically at 78% LTV. You can also request cancellation at 80% LTV if you've paid on time for at least two years.
Typical close is 30 to 45 days. Full documentation, appraisal, and title work take time, but conventional loans move faster than FHA or VA.