Question 1

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

Accepted Answer

The conforming limit is $1,249,125. Any loan above that amount is jumbo and carries a different rate and qualification bar. FHA and VA limits match the conforming cap this year, also $1,249,125.

Question 2

How much do I need to put down to buy in Foster City?

Accepted Answer

Conventional loans accept 3% down on purchases up to $1,249,125. FHA allows 3.5% down. VA allows zero down if you're eligible. Most Foster City buyers put 10–20% down given the price range and local income levels.

Question 3

Do I need 20% down to avoid PMI?

Accepted Answer

Yes — 20% down is the only way to skip PMI on a conventional loan. Below 20%, you'll pay mortgage insurance until you hit 20% equity or refinance. FHA requires mortgage insurance for the life of the loan regardless of down payment.

Question 4

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620 FICO minimum, though 640+ gets better rates. FHA accepts 580 FICO with 10% down. VA has no hard floor but most lenders want 620+.

Question 5

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo is an FHA high-cost area, which means the FHA loan limit matches the conforming limit at $1,249,125. This helps FHA borrowers in expensive markets access higher loan amounts.

Question 6

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. VA loans in San Mateo County also cap at $1,249,125 for 2026. VA borrowers can still use the full benefit with zero down, but jumbo VA loans above that require a 25% down payment.

Question 7

How does the Burlingame office boom affect Foster City home prices?

Accepted Answer

The 220 Park tower reaching 100% occupancy with tech firms like Confluent and Upstart signals strong job growth on the Peninsula. More stable employment in nearby Burlingame and Redwood City supports buyer confidence and home values in Foster City.

Question 8

How long does closing typically take in Foster City?

Accepted Answer

Conventional loans close in 30–45 days. FHA and VA take 40–50 days due to appraisal and inspection requirements. Jumbo loans can stretch to 45–60 days. Your lender's processing speed matters more than the city itself.

Question 9

What are typical closing costs in San Mateo County?

Accepted Answer

Closing costs run 2–5% of the loan amount. On a $1,000,000 loan, expect $20,000–$50,000 in title, appraisal, underwriting, and escrow fees. San Mateo County title rates are on the higher end of California.

Question 10

Can I get a jumbo loan in Foster City?

Accepted Answer

Yes. Jumbo loans above $1,249,125 are available but require 10–20% down, stronger credit (680+), and a larger cash reserve. Rates on jumbo loans are typically 0.25–0.75% higher than conforming rates.

Question 11

What's the property tax rate in Foster City?

Accepted Answer

Foster City's effective property tax rate is roughly 0.76% of assessed value, based on the 1% Proposition 13 base plus local assessments. On a $1.5M home, expect about $11,400 per year in property taxes.

Question 12

Do I need to qualify based on San Mateo County's median income?

Accepted Answer

No. Lenders qualify you on your own income and debt, not the county median. San Mateo's $156,000 median household income is a reference point — you need enough income to support your loan amount and existing debts.

Question 13

How does the San Mateo transit tax measure affect home values?

Accepted Answer

San Mateo City Council is considering SB 63, which would fund Caltrain, BART, and regional transit. Better transit access typically supports home values.

Question 14

What's the difference between FHA and conventional in Foster City?

Accepted Answer

FHA allows 3.5% down and accepts lower credit scores, but charges mortgage insurance for life. Conventional requires 5% down minimum (3% with certain programs) and PMI drops at 20% equity. Conventional rates are usually 0.25–0.5% lower.

Question 15

Can I lock my rate for 60 days instead of 30?

Accepted Answer

Yes. Most lenders offer 45- and 60-day locks for an additional fee (typically 0.125–0.25% of the loan amount). Longer locks protect you if rates rise but cost more upfront. Foster City's 45–60 day closing timeline often fits a 60-day lock.

Foster City mortgage questions answered