Question 1

What is the conforming loan limit in Half Moon Bay?

Accepted Answer

San Mateo County qualifies as a high-cost area with conforming limits significantly above the national baseline. Current limits apply to single-family homes and adjust annually based on home price trends.

Question 2

Can I use a conforming loan for a Half Moon Bay vacation home?

Accepted Answer

Yes, conforming loans work for second homes and vacation properties in Half Moon Bay. Expect higher down payment requirements, typically 10-20%, and slightly higher interest rates than primary residence financing.

Question 3

How does mortgage insurance work with conforming loans?

Accepted Answer

Conforming loans with less than 20% down require private mortgage insurance. Unlike FHA insurance, PMI cancels automatically once you reach 78% loan-to-value through payments and appreciation.

Question 4

What credit score gets the best conforming loan rates in Half Moon Bay?

Accepted Answer

Credit scores of 740 or higher typically qualify for the best available rates. Scores between 680-739 receive moderate pricing adjustments, while 620-679 face more significant rate increases.

Question 5

Do conforming loans work for Half Moon Bay condos?

Accepted Answer

Conforming loans finance approved condominiums in Half Moon Bay. The condo project must meet Fannie Mae or Freddie Mac guidelines, and your lender will verify project approval before closing.

Conforming Loans in Half Moon Bay: Competitive Rates for San Mateo County Coastal Living