Question 1

What's the conforming loan limit in Millbrae?

Accepted Answer

$806,500 for single-family homes in San Mateo County as of 2026. Anything above that requires a jumbo loan regardless of down payment.

Question 2

Can I use a conforming loan on a Millbrae condo?

Accepted Answer

Only if the HOA meets Fannie Mae warrantability requirements. We verify this before you write an offer to avoid wasted time and appraisal fees.

Question 3

How much down payment do I need?

Accepted Answer

3% minimum with PMI. 20% down eliminates PMI and unlocks best pricing. Most Millbrae buyers put down 20-25% given local price points.

Question 4

Do conforming loans have better rates than jumbo?

Accepted Answer

Usually yes, but not always. Strong borrowers with 25%+ down sometimes get better jumbo pricing. Rates vary by borrower profile and market conditions.

Question 5

How long does conforming loan approval take?

Accepted Answer

2-3 weeks for full underwriting approval. Appraisals add another 3-4 weeks in San Mateo County due to appraiser availability.

Question 6

Can self-employed borrowers get conforming loans?

Accepted Answer

Yes, with two years of tax returns showing stable income. We calculate qualifying income from Schedule C or K-1 after deductions and depreciation.

Conforming Loans in Millbrae — Best Rates When You Meet Agency Guidelines