Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount are jumbo and carry different rates and terms.

Question 2

Does Half Moon Bay qualify as an FHA high-cost area?

Accepted Answer

Yes. San Mateo County is an FHA high-cost area. The 2026 FHA limit matches the conforming limit at $1,249,125.

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. VA loans in San Mateo County cap at $1,249,125 for 2026. Above that amount, VA buyers need jumbo financing.

Question 4

What credit score do I need to buy in Half Moon Bay?

Accepted Answer

Conventional loans typically require 620+ FICO. FHA accepts 580+ FICO with 3.5% down. Jumbo loans often require 700+.

Question 5

How much down payment do I need for a Half Moon Bay home?

Accepted Answer

Conventional loans require 3% to 20% down. FHA requires 3.5% minimum with 580+ FICO. VA loans allow zero down for eligible veterans.

Question 6

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes. 20% down (80% LTV) eliminates PMI entirely. Below 20%, PMI applies and cancels automatically at 78% LTV.

Question 7

How does the Bespoke downtown development affect Half Moon Bay's market?

Accepted Answer

The Bespoke mixed-use project brings commercial space and affordable housing to downtown San Mateo. This development signals investment in the broader region.

Question 8

What does FHA mortgage insurance cost in San Mateo County?

Accepted Answer

FHA upfront MIP is 1.75% of the loan amount. Annual MIP runs for life if you put down less than 10%.

Question 9

Can I use a VA loan to buy in Half Moon Bay with zero down?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans and surviving spouses with a Certificate of Eligibility. You pay a funding fee instead of PMI.

Question 10

What is a jumbo loan and when do I need one in Half Moon Bay?

Accepted Answer

A jumbo loan exceeds the 2026 conforming limit of $1,249,125. Jumbo loans typically require 20% down and 700+ FICO.

Question 11

How does the San Mateo County median income affect my qualification?

Accepted Answer

San Mateo's median household income is $156,000. This figure matters for USDA loans, which cap household income at the area-specific threshold for this county.

Question 12

What is the VA funding fee and can it be waived?

Accepted Answer

The VA funding fee is 2.15% on a zero-down purchase for first-time VA users. The fee is waived only if you have a VA disability rating of 10% or higher.

Question 13

How long does it take to close a mortgage in Half Moon Bay?

Accepted Answer

Most conventional and FHA loans close in 30 to 45 days. VA loans may take 45 to 60 days due to appraisal review.

Question 14

What closing costs should I expect on a Half Moon Bay purchase?

Accepted Answer

Closing costs typically run 2% to 5% of the purchase price. This includes appraisal, title insurance, escrow, and lender fees.

Half Moon Bay mortgage questions answered