Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Both FHA and VA loans cap at the same amount. Loans above that threshold are jumbo.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo is designated as an FHA high-cost area. FHA loans still cap at $1,249,125 here for 2026.

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. The county qualifies as a VA high-cost area. VA loans max at $1,249,125 for 2026.

Question 4

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

Accepted Answer

Conventional loans typically require 3% to 5% down for first-time buyers. With 20% down, you skip PMI entirely.

Question 5

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

Accepted Answer

Most conventional lenders require a minimum FICO of 620. FHA loans accept 580 FICO with 3.5% down.

Question 6

How does the Bespoke development affect the Colma market?

Accepted Answer

Bespoke brings mixed-use space and affordable housing to downtown San Mateo. New commercial activity can stabilize property values long-term.

Question 7

What's the difference between FHA and VA loans at this price point?

Accepted Answer

FHA requires 3.5% down minimum with 580 FICO. VA offers zero down for eligible veterans. VA skips mortgage insurance; FHA carries MIP for the loan term.

Question 8

Can I get a jumbo loan in Colma if I need more than $1,249,125?

Accepted Answer

Yes. Jumbo loans are available above the $1,249,125 limit. Expect to put 20% down and have strong credit (700+).

Question 9

How long does it take to close a mortgage in Colma?

Accepted Answer

Most closings take 30 to 45 days from application to funding. Rush closings can happen in 21 days with complete documentation.

Question 10

What's the median household income in San Mateo County?

Accepted Answer

San Mateo County's median household income is $156,000. This income level supports purchases in the mid-range comfortably.

Question 11

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

Accepted Answer

No. FHA loans are available to repeat buyers too. You just need 580 FICO, 3.5% down, and acceptable debt-to-income ratio.

Question 12

What happens if I want to refinance after buying in Colma?

Accepted Answer

Refinancing is available once you have equity and stable payment history. Conventional refinances typically require 6 months of on-time payments.

Question 13

Are property taxes high in San Mateo County?

Accepted Answer

San Mateo County property taxes run about 0.76% of assessed value annually. Local assessments can vary by neighborhood.

Colma mortgage questions answered