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in Millbrae, CA
Millbrae sits in one of California's priciest markets. Most buyers here face a critical choice: conventional financing or jumbo.
The split happens at $832,750 for single-family homes as of February 2026. Above that threshold, you're in jumbo territory with different rules.
Conventional loans follow Fannie Mae and Freddie Mac guidelines. They cap at $832,750 in San Mateo County, covering condos and smaller single-family homes.
You need 620 minimum credit for most programs. Down payments start at 3%, though you'll pay PMI under 20% down.
These loans price off agency rates. The Fed's pause on cuts means we're seeing stable terms around 6% for well-qualified buyers.
Jumbo loans fund anything above conforming limits. In Millbrae, that means most detached single-family homes.
Expect stricter requirements: 700+ credit, 10-20% down depending on loan size. Lenders hold these loans on their books, so they're pickier.
Rates run 0.25-0.75% higher than conventional. Cash reserves matter more here—most lenders want 6-12 months of payments in the bank.
Credit standards separate these products. A 680 score works for conventional but gets declined on most jumbo programs.
Down payment flexibility differs dramatically. Conventional allows 3% down; jumbo starts at 10% minimum and often requires 20% for competitive pricing.
Rate spreads have compressed as the Fed holds steady. Jumbo pricing improved but still runs 0.5% higher on average than conforming loans.
Buy under $832,750 if you can. Conventional terms beat jumbo on every metric—lower rates, easier approval, smaller down payment.
Jumbo makes sense when the home justifies it. If you're targeting $1.2M+ in Millbrae, the slightly higher rate won't matter as much as finding the right property.
Your credit and assets decide this more than preference. A 720 score with 15% down qualifies for jumbo. A 660 score doesn't, regardless of home price.
Jumbo starts at $806,501 for single-family homes. San Mateo County uses the high-cost conforming limit through 2026.
Some lenders allow it with strong credit and reserves. Expect higher rates than the 20% down pricing you'll see advertised.
Not necessarily. Underwriting is stricter, but timelines match conventional if your file is clean and you respond to conditions quickly.
The Fed paused cuts through early 2026. Waiting costs you time in a competitive market where inventory moves fast.
Not on standard conventional loans. You'll pay PMI until you hit 20% equity through payments or appreciation.