Question 1

What's the conforming loan limit in Redwood City?

Accepted Answer

$1,149,825 for single-family homes in San Mateo County as of 2026. Duplexes, triplexes, and fourplexes have higher limits.

Question 2

Can I avoid PMI with less than 20% down?

Accepted Answer

No, conforming loans require PMI below 20% down. You can pay it monthly or as a lump sum at closing depending on lender options.

Question 3

How does my credit score affect my rate?

Accepted Answer

Score tiers start at 620, 680, 700, 740, and 780. Each jump typically lowers your rate by 0.125-0.25%. Rates vary by borrower profile and market conditions.

Question 4

What if the home appraises below purchase price?

Accepted Answer

You'll need to increase your down payment to maintain loan-to-value ratio. Otherwise you risk exceeding the conforming limit or losing financing approval.

Question 5

Do conforming loans work for self-employed borrowers?

Accepted Answer

Yes, with two years of tax returns showing stable or increasing income. Lenders average your net income after business deductions.

Question 6

When will rates drop in 2026?

Accepted Answer

The Fed has indicated multiple cuts later this year, but exact timing remains uncertain. Locking strategies depend on your purchase timeline and risk tolerance.

Conforming Loans in Redwood City: Standard Rates, Maximum Flexibility