Question 1

What credit score do I need for a conventional loan in Millbrae?

Accepted Answer

Minimum is 620, but you need 740+ for competitive rates. Below 700, expect pricing adjustments that add 0.50-1.00% to your rate.

Question 2

How much down payment is required?

Accepted Answer

First-time buyers can put down 3%. Repeat buyers need 5% minimum. You pay PMI until you reach 20% equity.

Question 3

Do most Millbrae homes qualify for conventional loans?

Accepted Answer

Many exceed the $806,500 conforming limit and require jumbo financing. We compare both options when your loan amount is close to that threshold.

Question 4

How does PMI work on Millbrae properties?

Accepted Answer

PMI costs 0.20-1.00% of your loan amount annually, paid monthly. On a $1.2M loan with 10% down, expect $200-400 per month until you hit 20% equity.

Question 5

Can I use a conventional loan on a Millbrae condo?

Accepted Answer

Yes, but the condo project must meet Fannie Mae or Freddie Mac approval standards. We verify that before you make an offer.

Question 6

Are rates expected to drop in 2026?

Accepted Answer

The Fed projects rate cuts later this year but not immediately. Rates are near 6% as of February 2026—four-year lows may hold for now.

Conventional Loans in Millbrae: Competitive Financing for San Mateo County Buyers