Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount are jumbo loans. Jumbo loans typically require 20% down and stronger credit.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

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

Question 3

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. San Mateo County qualifies as a VA high-cost area. VA loan limits reach $1,249,125 for eligible veterans and active-duty service members.

Question 4

What credit score do I need to buy in Portola Valley?

Accepted Answer

Conventional loans typically require 620 FICO minimum. FHA accepts 580 FICO with 3.5% down. VA loans have no set minimum but lenders often prefer 620+.

Question 5

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

Accepted Answer

Conventional loans require 3% to 5% minimum down. At 20% down you avoid PMI entirely. Between 5% and 20% down, PMI applies until you reach 78% LTV.

Question 6

What is the FHA down payment requirement?

Accepted Answer

FHA requires 3.5% down minimum with a 580 FICO score. Upfront mortgage insurance is 1.75% of the loan amount. Annual MIP continues for life if down payment is under 10%.

Question 7

Can I get a VA loan with zero down in Portola Valley?

Accepted Answer

Yes. VA loans allow zero down for eligible veterans and active-duty service members. A funding fee applies instead of PMI. The funding fee is 2.15% at zero down for first-time use.

Question 8

What does the San Mateo County median income tell me about affordability?

Accepted Answer

The county median household income is $156,000. This benchmark shows the income level supporting the local market. Your actual income needs depend on the loan amount and debt.

Question 9

How does the Bespoke development affect Portola Valley home values?

Accepted Answer

The Bespoke mixed-use project at downtown San Mateo signals regional investment and housing supply growth. New commercial and affordable housing can stabilize long-term values.

Question 10

What is the difference between conventional and FHA in this price range?

Accepted Answer

Conventional loans above $1,249,125 become jumbo and require 20% down. FHA stays at the $1,249,125 limit with 3.5% down. FHA costs more in insurance but requires less cash upfront.

Question 11

Do I need to sell my current home before buying in Portola Valley?

Accepted Answer

Yes, selling first simplifies qualification and removes contingency risk. You can carry two mortgages if your debt-to-income ratio allows. Lenders typically cap DTI at 43% to 50%.

Question 12

What is a jumbo loan and when do I need one?

Accepted Answer

A jumbo loan exceeds the $1,249,125 conforming limit. Jumbo loans typically require 20% down, 700+ FICO, and six months of reserves. Rates usually run 0.125% to 0.5% above conforming.

Question 13

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

Accepted Answer

Typical closing takes 30 to 45 days. Portola Valley purchases may move faster or slower depending on appraisal and title work. Complete documentation upfront can speed the process.

Question 14

What closing costs should I expect?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. Costs include appraisal, title, underwriting, and lender fees. Ask your lender for a Loan Estimate within three days of application.

Question 15

Can I refinance my jumbo loan later?

Accepted Answer

Yes. Jumbo refinances are available but rates may differ from conforming. You'll need current equity and income to qualify. Refinancing costs are similar to purchase closing costs.

Portola Valley mortgage questions answered