Loading
Loading
Millbrae sits right at the conforming loan limit crossroads. San Mateo County properties often push against the $832,750 cap. That makes qualification timing crucial.
Multiple rate cuts expected later this year could shift your buying power. As of February 2026, locking before the Fed moves may or may not save you money. We track wholesale pricing daily across 200+ lenders to find your best window.
Conforming Loans in Millbrae
You need 620 credit for basic approval, 740+ for best pricing. Most lenders want 20% down to skip PMI. With Millbrae's price points, that's often $160K+.
Debt-to-income caps at 50% max with strong credit and reserves. W-2 income works best — we verify through paystubs and tax returns. Self-employed borrowers need two years of returns showing consistent earnings.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Millbrae.
Millbrae sits right at the conforming loan limit crossroads. San Mateo County properties often push against the $832,750 cap. That makes qualification timing crucial.
Multiple rate cuts expected later this year could shift your buying power. As of February 2026, locking before the Fed moves may or may not save you money. We track wholesale pricing daily across 200+ lenders to find your best window.
You need 620 credit for basic approval, 740+ for best pricing. Most lenders want 20% down to skip PMI. With Millbrae's price points, that's often $160K+.
Conforming loans get the most competitive pricing because Fannie and Freddie buy them. We shop your scenario across wholesale channels most borrowers never see directly.
Rate differences between lenders hit 0.375% or more on identical files. One credit score point can shift pricing tiers. We know which lenders price aggressively in San Mateo versus those who add overlays.
Millbrae condos near BART create appraisal headaches. Fannie requires warrantable condo status — HOA financials matter as much as your credit. Non-warrantable units don't qualify for conforming loans regardless of price.
Many Millbrae buyers stretch to avoid jumbo loans. That's backwards. If you're putting 25% down on $900K, jumbo pricing often beats conforming with PMI at $800K. We run both scenarios before you decide.
Conforming loans beat FHA on rates when you have 20% down and 720+ credit. FHA makes sense below that threshold despite higher insurance costs.
Against jumbo loans, conforming wins on rate when you're under $832,750. Above that limit, you're in jumbo territory whether you like it or not. We shop both markets simultaneously since some borrowers straddle the line.
San Mateo County appraisals come in conservative. Appraisers know Fannie won't buy loans with inflated values. Plan for 3-4 weeks on appraisal turnaround, longer if you're near SFO flight paths.
Property taxes in Millbrae run 1.2% base plus assessments. That affects your debt ratio calculation. Lenders use actual tax bills, not Zillow estimates. HOA dues on newer buildings often exceed $500/month.
$832,750 for single-family homes in San Mateo County as of 2026. Anything above that requires a jumbo loan regardless of down payment.
Only if the HOA meets Fannie Mae warrantability requirements. We verify this before you write an offer to avoid wasted time and appraisal fees.
3% minimum with PMI. 20% down eliminates PMI and unlocks best pricing. Most Millbrae buyers put down 20-25% given local price points.
Usually yes, but not always. Strong borrowers with 25%+ down sometimes get better jumbo pricing. Rates vary by borrower profile and market conditions.
2-3 weeks for full underwriting approval. Appraisals add another 3-4 weeks in San Mateo County due to appraiser availability.
Yes, with two years of tax returns showing stable income. We calculate qualifying income from Schedule C or K-1 after deductions and depreciation.