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 this amount are jumbo loans.

Question 2

Is Foster City an FHA high-cost area?

Accepted Answer

Yes. Foster City is an FHA high-cost area. FHA loan limits match the conforming limit of $1,249,125 for 2026.

Question 3

Is Foster City a VA high-cost area?

Accepted Answer

Yes. VA loans in Foster City follow the high-cost area limit of $1,249,125 for 2026.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a minimum FICO of 620. Stronger credit (740+) typically qualifies for better rates.

Question 5

How much down payment avoids PMI on a conventional loan?

Accepted Answer

Yes — 20% down skips PMI entirely. Below 20%, PMI applies until you reach 78% LTV.

Question 6

What is the minimum down payment for FHA?

Accepted Answer

FHA requires 3.5% down with a FICO of 580 or higher. Upfront mortgage insurance is 1.75% of the loan amount.

Question 7

Do VA loans require a down payment?

Accepted Answer

No. VA loans allow zero-down financing for eligible veterans and active-duty service members with a Certificate of Eligibility.

Question 8

How long does FHA mortgage insurance last?

Accepted Answer

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

Question 9

What is the VA funding fee?

Accepted Answer

The VA funding fee replaces PMI on VA loans. At zero down, the fee is 2.15% of the loan amount for first-time users.

Question 10

Can I get a USDA loan in Foster City?

Accepted Answer

USDA loans require properties in USDA-eligible rural areas. Foster City's location may not qualify for USDA financing.

Question 11

What income limit applies to USDA loans here?

Accepted Answer

USDA caps household income at the area-specific threshold for this county, scaled by family size.

Question 12

How does the Bespoke development affect Foster City's market?

Accepted Answer

The mixed-use project adds housing and commercial space downtown. New development supports property values and neighborhood activity.

Question 13

What is San Mateo County's median household income?

Accepted Answer

San Mateo County's median household income is $156,000. This helps lenders assess debt-to-income ratios for qualification.

Question 14

When does PMI cancel on a conventional loan?

Accepted Answer

PMI cancels automatically at 78% LTV. You can request cancellation at 80% LTV once you've built equity.

Foster City mortgage questions answered