Question 1

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

Accepted Answer

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

Question 2

How much down payment do I need to buy in San Carlos?

Accepted Answer

Conventional loans typically require 5% to 20% down. FHA allows 3.5% down with a 580+ credit score. VA loans offer zero-down financing for eligible veterans.

Question 3

Do I need 20% down to avoid PMI?

Accepted Answer

Yes — 20% down (80% LTV) eliminates PMI on conventional loans. Below 20% down, PMI applies until you reach 78% LTV. PMI cancels automatically at that threshold.

Question 4

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620+. FHA accepts 580+ for the 3.5% down program. VA loans have no minimum credit score requirement.

Question 5

Is San Mateo County an FHA high-cost area?

Accepted Answer

Yes. San Mateo is designated an FHA high-cost area. The 2026 FHA limit here is $1,249,125. This affects insurance requirements.

Question 6

Is San Mateo County a VA high-cost area?

Accepted Answer

Yes. VA loans in San Mateo County are subject to high-cost area rules. The 2026 VA limit is $1,249,125. Funding fees reflect this.

Question 7

What's a jumbo loan and when do I need one?

Accepted Answer

Jumbo loans exceed the $1,249,125 conforming limit. They typically require 20%+ down and 700+ credit. Rates usually run 0.25% to 0.5% above conforming.

Question 8

Can I use FHA financing in San Carlos?

Accepted Answer

Yes. FHA loans work in San Carlos up to $1,249,125. You need 3.5% down minimum and a 580+ credit score. Mortgage insurance runs for the loan's life if down payment is under 10%.

Question 9

Do VA loans require a down payment?

Accepted Answer

No. VA loans offer zero-down financing for eligible borrowers. No PMI applies. A funding fee (typically 2.15% at zero down) replaces mortgage insurance.

Question 10

How does the Bespoke development affect the San Carlos market?

Accepted Answer

Bespoke brings mixed-use space and affordable housing downtown. New commercial activity and housing options support property values. Neighborhood improvements strengthen buyer demand.

Question 11

What income do I need to qualify for a mortgage here?

Accepted Answer

San Mateo County's median household income is $156,000. Most lenders use debt-to-income ratios (typically 43% to 50%) rather than income floors. Your requirement depends on loan amount.

Question 12

How long does closing take in San Carlos?

Accepted Answer

Conventional closings typically take 30 to 45 days. FHA and VA loans may take 45 to 60 days. Additional appraisal and underwriting steps add time.

Question 13

What's the difference between FHA and conventional financing?

Accepted Answer

FHA requires 3.5% down; conventional typically needs 5%+. FHA allows lower credit scores (580+). Conventional skips mortgage insurance at 20% down.

Question 14

Can I get a VA loan if I'm on active duty?

Accepted Answer

Yes. Active-duty service members qualify for VA loans. You'll need a Certificate of Eligibility from the VA. Zero-down financing and no PMI are standard benefits.

San Carlos mortgage questions answered