Question 1

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

Accepted Answer

The high-cost area limit is $806,500 for single-family homes. This applies across San Mateo County due to the area's elevated home prices relative to national averages.

Question 2

Can I get a conforming loan with 5% down in San Mateo?

Accepted Answer

Yes, conventional conforming loans allow 5% down for repeat buyers and 3% for first-time purchasers. You'll pay private mortgage insurance until reaching 20% equity.

Question 3

How does my credit score affect conforming loan rates?

Accepted Answer

Scores below 700 face pricing hits of 0.50-1.50% compared to 740+ credit. Every 20-point jump above 680 typically improves your rate by 0.125-0.25%.

Question 4

Do conforming loans work for condos in San Mateo?

Accepted Answer

Condos qualify if the HOA is Fannie Mae or Freddie Mac approved and you stay under the $806,500 limit. Many San Mateo condos meet these requirements unlike single-family homes.

Question 5

Should I choose conforming or jumbo for an $850k home?

Accepted Answer

You'll need jumbo financing since the loan exceeds $806,500 conforming limits. Jumbo rates run 0.25-0.75% higher but that's your only conventional option at this price point.

Question 6

When will 2026 rate cuts affect conforming loan rates?

Accepted Answer

Federal Reserve policy changes don't directly set mortgage rates, but expected cuts later in 2026 may lower conforming rates. Lock timing depends on your purchase timeline and risk tolerance.

Conforming Loans in San Mateo: Access Standard Rates with Fannie Mae Backing