Question 1

What's the 2026 conforming loan limit in San Mateo County?

Accepted Answer

$806,500 for a single-family home. Loans above that amount require jumbo financing with different approval standards.

Question 2

Do jumbo loans always have higher rates than conventional?

Accepted Answer

Not always. Strong borrowers with 20%+ down and high credit often see competitive jumbo pricing. Shop multiple lenders to compare.

Question 3

Can I avoid PMI with less than 20% down?

Accepted Answer

On conventional loans, no — you'll pay PMI until you hit 20% equity. Jumbo loans skip PMI entirely but require larger down payments.

Question 4

How much in reserves do jumbo lenders require?

Accepted Answer

Most want 6-12 months of mortgage payments in liquid reserves after closing. Higher loan amounts or investment properties push that number higher.

Question 5

Should I buy down to the conforming limit to avoid jumbo?

Accepted Answer

Run the math. If you'd stretch your reserves too thin or miss the right property, jumbo financing might make more sense than forcing a lower price.

Conventional vs Jumbo Loans in San Carlos: Which Fits Your Budget?