Question 1

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

Accepted Answer

The conforming limit is $1,249,125. Loans above that are jumbo and require 20% down, 700+ credit, and 6-12 months reserves.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. FHA loans in San Mateo cap at $1,249,125 for 2026, matching the conforming limit.

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. VA loans also cap at $1,249,125 in 2026, the same as FHA and conventional.

Question 4

How much down payment do I need for a conventional loan?

Accepted Answer

Conventional loans require 5% to 20% down. At 20% or more, you skip PMI. Below 20%, PMI applies until you hit 78% LTV.

Question 5

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 640 or higher. FHA allows 580 or higher. Scores below 680 face tighter terms and higher rates.

Question 6

Can I get an FHA loan with 3.5% down?

Accepted Answer

Yes. FHA allows 3.5% down with a 580+ credit score. Upfront mortgage insurance is 1.75% of the loan amount.

Question 7

Do VA loans require a down payment in San Mateo?

Accepted Answer

No. VA loans allow zero down for eligible veterans and surviving spouses with a Certificate of Eligibility.

Question 8

What's the VA funding fee?

Accepted Answer

First-time VA users pay 2.15% at zero down. Subsequent uses cost 3.3%. A 10% or higher disability rating exempts you.

Question 9

How does the Bespoke project affect Menlo Park home values?

Accepted Answer

The mixed-use development signals downtown revitalization and new housing supply. This can influence local market sentiment and long-term appreciation.

Question 10

What income qualifies for a mortgage here?

Accepted Answer

San Mateo County's median household income is $156,000. Lenders allow debt-to-income ratios of 43% to 50% depending on the loan type.

Question 11

Can I get a jumbo loan above $1,249,125?

Accepted Answer

Yes. Jumbo loans are available above the conforming limit. Plan on 20% down, 700+ credit, and proof of substantial reserves.

Question 12

How long does closing take in Menlo Park?

Accepted Answer

Standard closing takes 30 to 45 days from application to funding. Jumbo loans may take longer due to extra documentation.

Question 13

Can I lock my rate during the appraisal?

Accepted Answer

Yes. Most lenders offer 30 to 60-day rate locks during underwriting. Longer locks cost more in discount points.

Question 14

When does FHA mortgage insurance cancel?

Accepted Answer

If you put down 10% or more, FHA MIP cancels after 11 years. Less than 10% down means MIP lasts the life of the loan.

Menlo Park mortgage FAQ for homebuyers