Question 1

What is the conforming loan limit in San Mateo County for 2026?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount require jumbo financing with higher rates and stricter qualification rules.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo County is an FHA high-cost area. FHA loan limits match the conforming ceiling of $1,249,125 for 2026.

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. VA loans in San Mateo County reach $1,249,125 in 2026 without requiring a down payment.

Question 4

What credit score do I need to buy in Millbrae?

Accepted Answer

Conventional loans typically require 620 FICO or higher. FHA loans accept 580 FICO with 3.5% down. VA loans have no set minimum but most lenders prefer 620 or above.

Question 5

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

Accepted Answer

Conventional loans accept 3% to 5% down for first-time buyers. Twenty percent down eliminates PMI entirely and avoids mortgage insurance costs.

Question 6

What is PMI and when do I pay it?

Accepted Answer

PMI applies on conventional loans when you put down less than 20%. It cancels automatically once you reach 78% LTV or can be requested at 80% LTV.

Question 7

Can I get an FHA loan with a lower credit score?

Accepted Answer

Yes. FHA loans accept 580 FICO with 3.5% down. Scores between 500 and 579 may qualify with 10% down, though approval is harder.

Question 8

How long does FHA mortgage insurance last?

Accepted Answer

FHA mortgage insurance runs for the life of the loan if you put down less than 10%. With 10% or more down, it cancels after 11 years.

Question 9

Do VA loans require a down payment?

Accepted Answer

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

Question 10

What is the VA funding fee?

Accepted Answer

The VA funding fee is 2.15% of the loan amount on your first VA loan at zero down. Veterans with a 10% or higher disability rating are exempt.

Question 11

Can I qualify for a USDA loan in Millbrae?

Accepted Answer

USDA loans require a rural property in an eligible area. Most of Millbrae is urban or suburban, so USDA financing is unlikely here.

Question 12

How does the Bespoke development affect Millbrae's housing market?

Accepted Answer

The Bespoke mixed-use project adds commercial space and affordable housing downtown. New development can stabilize property values and attract buyers.

Question 13

What income do I need to qualify for a mortgage in Millbrae?

Accepted Answer

Most lenders use a debt-to-income ratio of 43% to 50%. At San Mateo County's median income of $156,000, you can typically carry a mortgage payment of $5,600 to $6,500 monthly.

Question 14

How long does it take to close a mortgage in California?

Accepted Answer

Most mortgages close in 30 to 45 days from application. California's escrow process and title review can add time, but lenders typically meet 45-day timelines.

Question 15

What happens if I want to refinance later?

Accepted Answer

Refinancing is available once you have equity and meet the lender's credit and income requirements. Rates and terms depend on market conditions at the time.

Millbrae mortgage FAQ for 2026