Question 1

What's the current conforming loan limit in San Mateo County?

Accepted Answer

San Mateo County qualifies as a high-cost area with conforming limits above the national baseline. Current limits change annually based on FHFA guidelines, so verify the exact amount with your lender when shopping.

Question 2

Can I use a conforming loan for a multi-unit property in San Bruno?

Accepted Answer

Yes, conforming loans cover 2-4 unit properties if you occupy one unit as your primary residence. Loan limits increase with unit count, and you can use projected rental income to help qualify.

Question 3

How much does PMI add to my monthly payment?

Accepted Answer

Private mortgage insurance typically costs 0.3-1.5% of the loan amount annually, divided into monthly payments. Your exact rate depends on credit score, down payment size, and loan-to-value ratio.

Question 4

Do conforming loans allow seller concessions?

Accepted Answer

Sellers can contribute toward your closing costs up to 3% with less than 10% down, 6% with 10-25% down, and 9% with more than 25% down. These limits help reduce your cash needed at closing.

Question 5

What credit score gets me the best conforming loan rates?

Accepted Answer

Rates improve in tiers, with significant breaks at 680, 700, 720, and 740. Scores above 760 typically qualify for the absolute best pricing available in the conforming market.

Conforming Loans in San Bruno: Smart Financing for Peninsula Homebuyers