Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. FHA and VA loans also cap at $1,249,125 in this county. Loans above that threshold are jumbo and follow different rules.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo is an FHA high-cost area, which means mortgage insurance premiums run higher than in standard-cost counties. The upfront MIP is still 1.75% of the loan amount.

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. San Mateo qualifies as a VA high-cost area. VA funding fees and rate adjustments reflect that designation. Eligible veterans still get zero-down financing.

Question 4

How much do I need to put down on a house in Hillsborough?

Accepted Answer

Conventional loans typically require 5% to 20% down. FHA allows 3.5% down with a 580+ FICO score. VA loans offer zero down for eligible veterans. The more you put down, the lower your rate and monthly payment.

Question 5

What credit score do I need to buy in Hillsborough?

Accepted Answer

Conventional loans usually require 620+ FICO. FHA goes as low as 580 FICO. VA has no official minimum but most lenders want 620+. Higher scores bring better rates.

Question 6

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

Accepted Answer

Yes. At 20% down (80% LTV), you skip PMI entirely. Below 20% down, PMI applies. PMI cancels automatically at 78% LTV and can be requested at 80% LTV.

Question 7

How does the Bespoke development affect the Hillsborough market?

Accepted Answer

Bespoke brings mixed-use density to downtown San Mateo with commercial and affordable housing. New development typically strengthens neighborhood walkability and property values over time.

Question 8

What's the income requirement to qualify for a mortgage in Hillsborough?

Accepted Answer

Most lenders use a debt-to-income ratio of 43% to 50%. With San Mateo County's median household income at $156,000, that translates to qualifying loan payments of roughly $5,600 to $6,500 monthly.

Question 9

Can I get a jumbo loan in Hillsborough?

Accepted Answer

Yes. Jumbo loans above $1,249,125 are available in San Mateo County. Jumbo typically requires 700+ FICO, 20% down, and 6-12 months of reserves. Rates usually run 0.125% to 0.5% above conforming.

Question 10

How long does closing take in San Mateo County?

Accepted Answer

Standard closing takes 30 to 45 days from application to funding. Appraisal, title work, and underwriting are the main timeline drivers. Jumbo loans may take slightly longer.

Question 11

What's the difference between FHA and VA loans in this county?

Accepted Answer

FHA requires 3.5% down minimum and carries mortgage insurance for the loan term (or 11 years if 10%+ down). VA offers zero down with no PMI, but charges a funding fee instead.

Question 12

Can I buy before selling my current home in Hillsborough?

Accepted Answer

Yes. You can buy before selling if you qualify for both mortgages. Most buyers need significant equity in their current home or strong income to carry two payments during the overlap.

Question 13

What property taxes should I expect in Hillsborough?

Accepted Answer

San Mateo County property taxes run about 0.76% of assessed value annually. On a $1,000,000 home, that's roughly $7,600 per year. Proposition 13 caps increases at 2% per year.

Hillsborough mortgage questions answered