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 are jumbo and typically require 20% down and stronger credit.

Question 2

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo is an FHA high-cost area, which means FHA loan limits match the conforming limit 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 can go up to $1,249,125 in 2026 without requiring a down payment for eligible veterans.

Question 4

How much do I need to put down on a conventional loan in Redwood City?

Accepted Answer

Conventional loans require a minimum of 3% down. At 20% down or more, you avoid PMI entirely. Between 3% and 20%, PMI applies.

Question 5

What credit score do I need to qualify for a conventional loan?

Accepted Answer

Most lenders require a minimum FICO of 620 for conventional loans. Stronger credit (740+) typically qualifies for better rates and terms.

Question 6

How does the Bespoke development affect Redwood City's market?

Accepted Answer

The Bespoke mixed-use project adds commercial space and affordable housing downtown. New development often stabilizes neighborhoods and can support property values over time.

Question 7

What is the median household income in San Mateo County?

Accepted Answer

San Mateo County's median household income is $156,000. This figure helps determine qualification for income-limited programs like USDA loans.

Question 8

Can I get a VA loan with zero down in Redwood City?

Accepted Answer

Yes. VA loans allow zero-down purchases for eligible veterans and active-duty service members. The funding fee replaces PMI.

Question 9

What is an FHA loan and how much down do I need?

Accepted Answer

FHA loans require a minimum 3.5% down payment with a 580+ FICO score. Upfront mortgage insurance is 1.75% of the loan amount.

Question 10

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes. At 20% down (80% LTV), PMI is not required on conventional loans. Below 20% down, PMI applies until you reach 78% LTV.

Question 11

What happens if I want to buy above the $1,249,125 conforming limit?

Accepted Answer

Jumbo loans apply above $1,249,125. Jumbo typically requires 20% down, 700+ FICO, and 6-12 months of reserves in the bank.

Question 12

Can I use a USDA loan to buy in Redwood City?

Accepted Answer

USDA loans are limited to rural areas. Redwood City is urban, so USDA financing is not available here. Conventional or FHA loans are your options.

Question 13

How long does it take to close on a home in Redwood City?

Accepted Answer

Conventional loans typically close in 30-45 days. FHA loans may take 40-50 days due to additional appraisal and inspection requirements.

Question 14

What are closing costs typically in San Mateo County?

Accepted Answer

Closing costs range from 2% to 5% of the purchase price. This includes appraisal, title, escrow, and lender fees. Ask your lender for a detailed estimate.

Question 15

Can I refinance my loan later if rates drop?

Accepted Answer

Yes. Refinancing is available on both conventional and FHA loans. You'll pay new closing costs, so refinancing makes sense when rates drop significantly.

Redwood City mortgage questions answered