Question 1

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

Accepted Answer

The 2026 conforming limit for San Mateo County is $1,249,125. Loans above this amount are jumbo loans and require stronger credit and larger down payments.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

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

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. San Mateo County qualifies as a VA high-cost area for 2026. VA loan limits in this county reach $1,249,125.

Question 4

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

Accepted Answer

Conventional loans typically require 3% to 5% down for first-time buyers. Putting down 20% or more avoids mortgage insurance entirely.

Question 5

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a minimum FICO score of 620 for conventional loans. Scores above 740 typically qualify for the best rates.

Question 6

Do I need to pay PMI on a conventional loan?

Accepted Answer

PMI applies when your down payment is less than 20%. Once your loan balance drops to 80% of the home's value, you can request cancellation.

Question 7

What is an FHA loan and when does it make sense here?

Accepted Answer

FHA loans require only 3.5% down with a 580+ FICO score. They work well for buyers with limited savings who want to purchase sooner.

Question 8

How long does mortgage insurance last on an FHA loan?

Accepted Answer

If you put down less than 10%, FHA mortgage insurance lasts the life of the loan. With 10% or more down, it cancels after 11 years.

Question 9

Can a veteran buy with zero down in East Palo Alto?

Accepted Answer

Yes. VA loans offer zero-down financing for eligible veterans and surviving spouses with a Certificate of Eligibility. A funding fee replaces traditional mortgage insurance.

Question 10

What is the VA funding fee and when is it waived?

Accepted Answer

The VA funding fee is 2.15% at zero down on first-time use. It's waived only for veterans with a VA disability rating of 10% or higher.

Question 11

What does the Bespoke development mean for local buyers?

Accepted Answer

Bespoke brings new commercial space and affordable housing to downtown San Mateo. This mixed-use project may increase local activity and property values nearby.

Question 12

How does San Mateo County's median income affect my options?

Accepted Answer

San Mateo County's median household income is $156,000. This figure helps determine eligibility for certain loan programs and debt-to-income calculations.

Question 13

What happens if I want to buy above the conforming limit?

Accepted Answer

Loans above $1,249,125 are jumbo loans. Jumbo borrowers typically need 700+ FICO, 20% down, and six months of reserves.

Question 14

Can I refinance my mortgage in East Palo Alto?

Accepted Answer

Yes. Refinancing is available for existing homeowners looking to lower rates or tap home equity. Timing and market conditions matter.

East Palo Alto mortgage FAQ for home buyers